• 287 days Will The ECB Continue To Hike Rates?
  • 287 days Forbes: Aramco Remains Largest Company In The Middle East
  • 289 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 689 days Could Crypto Overtake Traditional Investment?
  • 694 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 699 days Is The Dollar Too Strong?
  • 699 days Big Tech Disappoints Investors on Earnings Calls
  • 700 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 702 days China Is Quietly Trying To Distance Itself From Russia
  • 702 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 706 days Crypto Investors Won Big In 2021
  • 706 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 707 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 709 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 710 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 713 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 714 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 714 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 716 days Are NFTs About To Take Over Gaming?
Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

Tesla Struggles To Compete In European Market

Tesla Struggles To Compete In European Market

Tesla continues to catch the…

How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

  1. Home
  2. Markets
  3. Other

Stock Charts: Stock Market Top? The Bull and Bear of it!

I've been calling for a top into the end of September 2010, and Thursday's gap higher and failure is a classic sign of potentially just that. That being said, there is still too many conflicting technicals currently.

$SPX 60 Minute: I've put the bearish label on the 60 minute chart because it looks like a classic ABC pattern up. The MACD doesn't look terribly bearish sliding lower, so we could get another little push higher. So far, price has been held in check at the middle pitchfork line, but the RSI has room to support another test of overbought levels. Price needs to trade below 1,125 to increase the bearish view. That will also overlap with wave A.

S&P500 60-Minute Chart

$SPX Daily: Here again I've labeled the bearish count. Price is above the neckline or support which is bullish. MACD is trying to roll, but it could still turn up if price has more upside. Price needs to roll over below 1,125 with the MACD to gain the bearish view.

S&P500 Daily Chart

$SPX Weekly: Here's where the market looks more bullish. The weekly MACD has crossed and is heading higher. I've used the weekly MACD for intermediate signals many times, so we need to respect that the MACD is bullish. If so, 1,250 and 1,300 are potential targets.

S&P500 Weekly Chart

$SPX Monthly: Ditto the monthly MACD. It's grinding higher and hasn't even gotten to the zero line. It too looks bullish. The upper Bollinger Band is at 1,245, that's the first target is we continue higher.

S&P500 Monthly Chart

$SPX Summary: The market is in No Man's land providing both a potentially short term bearish set up with longer term bullish indicators. The most persistently bearish Elliott Wave Analysts keep labeling every new high and wiggle up as the end of wave 2 and promoting the death spiral wave 3 to come. That may happen, but the technical's do not exactly support that currently. Simply, something needs to give.

IBM: Big Blue continues to support the stock market. The MACD reflects a little more room for more upside before a roll over. Eventually, we should expect a back test of support, which may coincide with a market pull back. That being said, big blue's breakout is bullish for the market.

IBM

JNK: The junk bond market continues higher as investors stretch for yield. Higher junk bonds is a vote of confidence in the market, and it's moving higher is a bullish indicator. It's very overbought and a break below the uptrend line is the first bearish clue.

Lehman High Yield Bond ETF

$VIX: It rolled over on Friday after testing the downtrend line. A break out is coming but direction is unknown at this time.

VIX

The Risk Chart: The chart continues to trade inside a wedge type pattern with no clues yet.

SPX:VIX

$COMPQ: Stalling so far at resistance. There's enough room on the MACD to get up to the next price resistance.

NASDAQ

XLF: Still one of the more bearish charts and without the financials I doubt the market is going anywhere in the long run. We have a little consolidation in between the 50 and 200 day MAs. Looks like a bearish flag pattern following a 3 black crows move lower. We should know very soon.

XLF

$TRAN: The transports are failing to clear significant resistance. If it rolls over, that's bearish for the market.

Dow Jones Transportation Average

Big Tech (AAPL, AMZN, BIDU, GOOG, NFLX, PCLN):
Go to: http://roseysoutlook.blogspot.com/

My Watch List: For current trading ideas go to: http://roseysoutlook.blogspot.com/

Happy Trading

 

Back to homepage

Leave a comment

Leave a comment