Monday, February 01, 2010

Weekly Review of Stockcharts.com Publishers' Charts; Selloff

A big week for bears, but markets remain above their 200-day MAs. What will this week bring?

Anthony Caldaro of Objectiveelliotwave.com is looking for a fifth wave low on the S&P 60-min timeframe.


So far, Anthony has no updated count on the daily timeframe.

Yong Pan of Cobrasmarketview has a mix of signals across short and intermediate time frames.


Yong Pan's conditions for top/bottom


Look out below?


Sample short on the daily SPY:


QQQQs have met their down-target obligation


But stepping back at little (in the Nasdaq 100) sees a longer-term target of the 200-day MAs:


Richard Lehman of Trendchannelmagic.com had this to say from the end of last week.

1/30 -- The short term Dow and the SPX charts now look best as slope changes on their purple downtrends. That may be due to the fact that they have hit the long term rising green channel line from last year. Meanwhile, the small caps have broken that same green line already and have continued down at the current pace. Small caps and sectors like tech, oils and golds are now down close to 10% off their January peaks.

None of the momentum indicators has turned up yet, though they are close to the extremes (below 20 on the stochastics) where that should happen soon. That does not necessarily mean the decline will be over -- only that an oversold bounce is likely. I see the possibility of a bounce set up this week, but that we will be a good bit lower still by mid-late Feb.

1/28 -- The breaks that started on the upside yesterday turned out to be either slope changes or channel widenings today. That leaves things in short term downtrends for the most part (although the one sector that looks most like a real break upward is the financials. Today's low may stick, but there is no confirmation of that until a clean break upward occurs. A larger channel downward is tentatively drawn now on the Dow hourly.

1/27 -- A new low for this move was generally made today, from which a bounce ensued, and that bounce managed to break the purple downchannel in most cases. That's a good sign that a temporary bottom is in and the next leg up has begun. The bigger picture still assumes that this bounce is part of a larger downtrend, and when it forms another peak, we'll be able to draw that larger channel. Gold and oil continue to suffer, however, with the rise in the dollar, and are not in sync with the broad equity indexes.

Bounce as part of a larger decline to follow.

Joe Reed keeps his presence felt:


Looks like the CCI support 'buy' is history; but look at what happened after past extremes; if there was a buying opportunity this is it.


Finally, a blast from past; Peter Robinson has an interesting take on the wedge breakown for the S&P:


For those who missed it, here is my S&P Review-to-date posted on the Zignals blog.


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