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Monday, February 22, 2010

02/22/2010 Market Recap: SPY Black Bar

  TREND INDICATOR MOMENTUM INDICATOR COMMENT (Click link to see chart)
Long-term 3 of 3 are BUY    
Intermediate 2 of 3 are SELL 5 of 6 are NEUTRAL SPY ST Model is in BUY mode
Short-term 1 of 1 are BUY 5 of 8 are NEUTRAL  
BULLISH 1.0.3 S&P 500 SPDRs (SPY 30 min): Ascending Triangle confirmed. Target $111.72.
BEARISH 6.4.A SPY Bottom Shape: Could be another leg down to test the low.
0.0.2 SPY Short-term Trading Signals: *Black bar could close to a top.
CONCLUSION
SPY SETUP ENTRY DATE STOP LOSS INSTRUCTION: Mechanic signals, back test is HERE, signals are HERE.
TRADING VEHICLE: SSO/SDS, UPRO/SPXU
ST Model    
Reversal Bar      
NYMO Sell      
VIX MA ENV     *SPY ST Model is in BUY mode so no more short setup.
OTHER ETFs TREND COMMENT – *New update. Click BLUE to see chart if link is not provided.
QQQQ   *Multiple reversal bars, could pullback.
IWM   ChiOsc and STO too high. *Black bar.
CHINA Down Double Top.
EMERGING Down Multiple reversal bars, could pullback.
CANADA *Bearish Engulfing.
FINANCIALS Down STO too high.
REITS  
MATERIALS   ChiOsc too high. *Bearish reversal bar.
ENERGY Down Broadening Top in the forming, the breakout direction is unknown. *Bearish Engulfing.
OIL   ChiOsc and STO too high. *Bearish reversal bar.
GOLD Down 3.3.1 Market Vectors Gold Miners (GDX Daily): Multiple reversal bars, could pullback.
DOLLAR UP Head and Shoulders Bottom.  ChiOsc too low. Black bar, could pullback.
BOND Down

INTERMEDIATE-TERM: IN WAIT AND SEE MODE

See 02/19/2010 Market Recap, not sure about the market direction, in wait and see mode.

SHORT-TERM: EXPECT EITHER CONSOLIDATION OR PULLBACK

Nothing to say today. As mentioned in today’s After Bell Quick Summary, based on the SPY and QQQQ daily reversal bar (Open > Close), most likely the market will consolidate or pullback for the rest of the week.

0.0.2 SPY Short-term Trading Signals, black bar after a few days push up usually means a pullback or consolidation.

SPYShortTerm

Also take a look at the chart below, what happened whenever a Bearish Reversal bar was formed on QQQQ daily chart since the March 2009 bottom?

 QQQQReversalDay

STOCK SCREENER:  For fun only, I may not actually trade the screeners. Since SPY ST Model is in SELL mode, only SHORT candidates are listed. For back test details as well as how to confirm the entry and set stop loss please read HERE. Please make sure you understand the basic risk management HERE.

According to the entry rule, 4 stocks found Thursday were not confirmed. Since the intermediate-term direction is not clear, so no stock screeners from now on until the dust settles.

Posted by Cobra at 8:05 PM
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