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Saturday, December 09, 2017 9:33:33 AM
(SPY) Weekly Wrap
By: Carl Swenlin | December 8, 2017
STOCKS
IT Trend Model: BUY as of 11/15/2016
LT Trend Model: BUY as of 4/1/2016
Daily Chart: The market hit a new record intraday high on Monday, then it did a churn the rest of the week. The daily PMO formed a shallow top early in the week, but it quickly turned up again. It would be useful if price would churn for another week or two, but I wouldn't count on it. It isn't easy to see on a bar chart, but Friday's close was a new, all-time closing high.
Weekly Chart: SPY has hit the top of the rising trend channel for the fourth time in two years. The line is not inviolate, but it does suggest that upward progress may encounter some headwinds for a while -- price could edge higher along the bottom of the line.
Short-Term Market Indicators: The overbought condition in this time frame cleared quickly this week, and there is now plenty of room internally to accommodate more rally.
Intermediate-Term Market Indicators: These indicators are rising again, and they are about half-way to overbought levels.
Conclusion: I commented last week that the market's angle of ascent was too steep to sustain, and this week there was a small amount of consolidation to relieve the situation somewhat. I know it is very unlikely that we will recognize the final top of the bull market on the day it happens, but at this point I don't really see any problems for the market on the charts. I still think we're good for the rest of the year.
http://stockcharts.com/articles/decisionpoint/2017/12/dp-weekly-wrap-bitbubble.html
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By: Carl Swenlin | December 8, 2017
STOCKS
IT Trend Model: BUY as of 11/15/2016
LT Trend Model: BUY as of 4/1/2016
Daily Chart: The market hit a new record intraday high on Monday, then it did a churn the rest of the week. The daily PMO formed a shallow top early in the week, but it quickly turned up again. It would be useful if price would churn for another week or two, but I wouldn't count on it. It isn't easy to see on a bar chart, but Friday's close was a new, all-time closing high.
Weekly Chart: SPY has hit the top of the rising trend channel for the fourth time in two years. The line is not inviolate, but it does suggest that upward progress may encounter some headwinds for a while -- price could edge higher along the bottom of the line.
Short-Term Market Indicators: The overbought condition in this time frame cleared quickly this week, and there is now plenty of room internally to accommodate more rally.
Intermediate-Term Market Indicators: These indicators are rising again, and they are about half-way to overbought levels.
Conclusion: I commented last week that the market's angle of ascent was too steep to sustain, and this week there was a small amount of consolidation to relieve the situation somewhat. I know it is very unlikely that we will recognize the final top of the bull market on the day it happens, but at this point I don't really see any problems for the market on the charts. I still think we're good for the rest of the year.
http://stockcharts.com/articles/decisionpoint/2017/12/dp-weekly-wrap-bitbubble.html
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Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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