The State of the Trend

By: George Krum | Sat, May 5, 2012
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Two weeks ago, we posited that market internals had improved considerably since the April 10th low, and were in overbought territory. This, in our opinion, limited the chances for an upside breakout or sustained rally.

This week the pendulum has swung in the opposite direction. Market internals are approaching oversold levels in both the medium:

and in the short term:

SPX weekly has fallen below the pivot line once again. This gives bears only a slight edge for the time being, since both the daily and weekly trend is flat for the moment:

Support levels remain the same as two weeks ago -- 1360, 1340 and 1320. Resistance is at 1415 and 1422:

With the soon to be released OT Fibonacci app you will be able to automatically keep track of these levels in different timeframes.



George Krum

Author: George Krum

George Krum

George Krum is the author of the "CIT Dates" blog, and the following apps:

OddsTrader - combines the power of Hurst Channels with proper risk and position size management. For a web version see OT Signals below.

Gann 9 - the only financial app that allows users to effortlessly apply the legendary W.D. Gann's tools and methods for trading (including the Square of 9).

OT Trend - helps you quantify and forecast the seemingly random ebb and flow of stock, index or mutual fund movement.

OT Fibonacci - automates the process of applying Fibonacci numbers, ratios and time series to any security.

OT Seasonal - allows you to perform seasonal analysis on practically any security from around the world, and to build long-term forecasts and models.

OT Pairs - pairs trading, one of the most successful hedge fund trading strategies, is now available on your smart phone.

OT Pivots - combines the power of pivot lines with cycles to provide you with concise technical analysis and powerful trading signals.

OT Signals - a web app accessible from any browser, tablet or pc. It gives buy/sell/hold ratings for any instrument from around the world, and defines the trend and support/resistance levels.

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