Monday, June 28, 2010

Weekly Review of Publisher Charts

A week where markets suffered before finding some legs on Friday.

We open with Richard Lehman's (Channelist) weekend summary

6/27 -- Most indexes remain in green ST upchannels but are still in the red minis inside them. Once the red minis break, a bounce can ensue, but the long term downtrend looms heavy over any bounces here.

The 6/27 issue of The Channelist Newsletter is out today. More charts. More commentary. Less than $20/month. See for details.

6/24 -- The red minis have been perfect, but are now approaching larger green support lines. Time to begin covering shorts and going long for the trade. SPX has pretty much hit the green and XLE actually overshot and should be ready to bounce. Also, VXX hit a line and may back off. However, the one year charts look VERY ominous, folks -- a big downchannel and stochastics peaking. Treat any bounce upward as countertrend.

6/23 -- Red minis continued downward. Gold and oil broke their minis, but could be at or near trading buys again.

6/22 -- You can thank the channels for giving you a big warning on this reversal. Those that didn't break short term minichannels yesterday, certainly did so today. We now have all the major equity indexes in downward minichannels.

Richard's Dow chart looks worrying - break the green channel and it could all go ugly.

Yong Pan of Cobrasmarketview has mostly neutral market conditions.

Have breadth indicators triggered a 'bull trap' - if not, Friday's stand is a good buying opportunity (with a stop on a loss of Friday's lows)?

QQQQs at 200-day MA - last chance saloon?

Michael Eckert of EWTrendsancharts has a confirmed label for the end of the 2nd wave - the third wave down is in play.

The third wave drilled down to the 15-minutes chart

Ted Burge of the TheTedLines has drawn in the battle lines for the S&P 100 index; Friday's close is sitting on one of those battle lines.

Joe Reed offers his weekly summary.

Large Caps (and other indices) are trading inside Fibonacci retracements - one big trading range? True direction won't be known until these boundaries are broken.

Can the Summation Index offer a bottom? Bad week for the Nasdaq 100 / Nasdaq but NASI holding support

Finally, Anthony D Allyn, is looking for a challenge of June 8th lows in the Dow:

Will the negative outlook play out, or can bulls work Friday's support? Futures in a quandry.

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