Gold took a pounding and the dollar strengthed, but markets were little swayed. What will this week bring? Tony Caldaro of Objectiveelliotwave.com has posted EWT targets for S&P of 1,158 and 1,162; so is it too early to call a top? Might explain why he has not labelled in a major 'B' top for the 'ABC' correction (although had hinted at it in the past) Yong Pan of Cobrasmarketview hasn't seen too many changes on market sentiment over the week. But Monday likely to be weak (although most of the damage is done by the opening gap down) Sell signal on Call-Put data? A more bullish upside target for the S&P? Resistance for the 30-min intraday SPY; 61% for downside break if converged 21/55-period EMAs play as resistance Richard Lehman kicks off with a new upward channel with sideways patterns elsewhere 12/6 -- I added a chart on the US Dollar ( under 'D' right after the Dow charts). Could be a new move upward, but would need to break 77 to confirm that

It finished as a bad week for gold and silver but indices held on to finish with gains. The S&P closed higher but is close to rising reaction low support with a MACD trigger 'sell' very close to occurring: The Nasdaq barely closed the week higher but it is working a recovery in its MACD. The Russell 2000 is an unusual in it has the weakest technicals but is on a charge; note the rising MACD histogram - soon there will be a 'buy' signal. This is good news for bulls looking for new market leadership (other than large caps). However, it still has converged resistance to contend with first. On the daily charts markets are caught in a trading range, but on the weekly chart markets continue to rally. Technicals are mixed for the indices, but there has been no 'sell' signals since the late March/Early April 'buy' signals. Dr. Declan Fallon, Senior Market Technician, Zignals.com . November 2009 has seen a significant upgrade and is on course to becoming the

The market appears to be waiting for bulls to make one of their typical 'in-your-face' rallies but so far no-bull has decided to turn up. The longer this impasse continues the more likely bears will take their chances and start selling into what vestiges of strength remain. The past two days in the Nasdaq illustrate this malaise as buyers refuse to take the market past bear trap highs. Very neat resistance in the S&P combined with significant distribution. However, the semiconductors continue to do their bit, although they can't do it alone. Eight weeks of stagnant action will soon see leading indices run into 6-month rally support - at that point bulls will have to make a stand if this rally is to continue. Dr. Declan Fallon, Senior Market Technician, Zignals.com . November 2009 has seen a significant upgrade and is on course to becoming the eBay of finance with our new Beta MarketPlace and a new rich internet application for finance, the Zignals Dashboard . Zignals

While the Nasdaq, Nasdaq 100, Dow and S&P did very little today - each closing on neutral doji on lower volume, there was something more from the semiconductor index. The SOX managed a decisive break from its declining channel and is well placed to challenge 52-week highs c337. Strength in the semiconductor index should help the lagging Nasdaq and Nasdaq 100. The Russell 2000 crept over its 50-day MA but is still contained by a trading range and has work to do if it is to challenge Sep/Oct 52-week highs. If markets are to push higher they will need to so quickly or momentum will be lost - todays' doji were such instances of stalling momentum for the leading indices. Dr. Declan Fallon, Senior Market Technician, Zignals.com . November 2009 has seen a significant upgrade and is on course to becoming the eBay of finance with our new Beta MarketPlace and a new rich internet application for finance, the Zignals Dashboard . Zignals now has new fundamental stock alerts , stock chart

Lots of Huff and Puff with across the board accumulation days, but only large caps look like they are going anywhere. The Dow held its breakout and the S&P is close to a new high, but other indices are losing steam. The semiconductor index was the only bright spot with its 3% gain and move above its 50-day MA. Whether it can push beyond the illustrated declining channel will become clear over the coming days. Should it manage to do so it will go a long way to pulling the Nasdaq and Nasdaq 100 out of their current rut. Sentiment has weakened once more which will add further pressure to the rally. Bullish Percents are looking the most vulnerable following the break of July reaction lows: Dr. Declan Fallon, Senior Market Technician, Zignals.com . November 2009 has seen a significant upgrade and is on course to becoming the eBay of finance with our new Beta MarketPlace and a new rich internet application for finance, the Zignals Dashboard . Zignals now has new fundamental stock alert

There was a chance with the return of traders that Friday's recovery would have been erased, instead buyers stepped in to protect the gains achieved following Friday's gap down. The Nasdaq closed above its 50-day MA on higher volume accumulation. The Dow held its breakout for another day but also finished with a MACD trigger 'sell'. Although the 'sell' was countered by an accumulation day. The Russell 2000 did well to recover its early day losses, but it still finished the day below its 20-day MA albeit on a bullish hammer (however - stochastics are not oversold so the candlestick as a reversal line is weak). The S&P hasn't quite had the same strength as the Dow; a MACD 'sell' and a confirmed loss of the breakout is softened by support at the 20-day MA on an accumulation day. Tuesday looks set to close a little more of Friday's breakdown gap, but then the challenge for bulls begins. Dr. Declan Fallon, Senior Market Technician, Zignals.com .

The shortened week was not short on action. What changed for the markets? Anthony Caldaro of Objectiveelliotwave.com still hasn't marked in the wave 5 top - but I suspect this trend phase has completed - as has perhaps the 'abc' correction which follows. Critical time for the S&P with 1,085 a key battleground for bulls to defend. Richard Lehman of TrendChannelMagic has a more optimistic view on things, although optimism is been neutral rather than bullish. 11/28 -- Surveying Friday's low-volume sell-off, the bears may not necessarily get the ammunition they've been looking for to go whole-hog on the short side. Oil (the commodity itself) sloped downward at an accelerated rate, but XLE remained in its existing downchannel. Financials look the weakest among sectors, but the broad indexes, including the usually fragile small caps, all held pretty much in their existing trend channels, many of which were, and still are, no worse than sideways. That's far le