Monday, March 01, 2010

Weekly Review of Publishers' Charts

Markets are off to a bright start for Monday - but what had stockcharters' to say before the open.

Yong Pan of Cobrasmarketview kicks off with mostly neutral signals as overbought conditions had worked their way out of the market. Equal amount of buy and sell signals.

Although it's early days yet, the SPY is on course for a new reaction high as it pushes through 50-day MA resistance

Buy signals in play from last week

Mechanical trading strategy on a 'Long Signal'

Tech going well too

Richard Lehman of gives his 2 cents. He calls for something larger to the upside.

2/28 -- I've now drawn green upchannel lines on the short term charts to show the larger channel that is taking shape off the 2/7 low. Until now, we had an upward blue mini from 2/7-2/22 followed by a smaller red mini downward. The Dow is one of the few indexes still in that red mini. The small caps and others have now broken back upward, telling me that something larger was definitely at work here on the upside. Thus, it was time to take a stab at it.

We are at the upper end of that larger green and the momentum indicators are approaching extremes already, so I suspect the upside will peak out again soon in the short terms. The long term charts still appear to have unfinished business on the downside, but that may take weeks to play itself out.

2/25 -- The short term charts remain in the new downward red minichannels, but with a number of indexes closing right at the upper line. Until they break, the short term is heading lower and the long term charts are stiull heading toward the lower green lines from last March.

2/23 -- Breaks have now occurred on the short term charts of all three small cap indexes, the Dow, and the high-beta sectors like tech stocks. The SPX and the Dow hourly charts saw perfect line touches with no breaks, but that may only be initial support. Another short term downleg has likely begun.

2/22 -- Short term momentum has stalled, but remains within the upchannels that began Feb 5th for all but a scant few indexes. GLD is one for which the momentum has actually turned somewhat downward and broken the blue upchannel.

Anthony Caldaro of has labelled a five wave structure up in the Dow 60-min which appears to be mapping too form. Could stall out at 10,500 if wave 5 = wave 1

Michael Eckert of EWTrendsandcharts has fan resistance marked - but it looks to be breaking in the Russell 2000; will there be a challenge (and break?) of 650 resistance?

Interesting coiling action at 5-min support in the S&P (for those who read this in time to take advantage!)

Finally, we have the Joe Reed summary:

Bank Index on a 'sell' trigger as part of a trading range

As Nasdaq Summation Index switches to a 'buy'

Lets see how today pans out - could be an important gauge for the rest of the week if current gains stick.

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