SPDR S&P 500 (SPY)

[Footquarters]

Monday's Market Pulse


Up strong, down strong, moving averages and indicators are still indicating strong moves, every day we are going from buy signal to sell signals and reversing the following day, which is chacteristic of consolidation, as the moving averages catch up to price, building a nice base or building a nice resistance area. The longer we build this area the more the daily moving averages move down, watch for the 50 day moving average on the daily currently at 1397 SPX to get to the 1380 area for a possible test next week. The 60 pt. SPX spread has been holding up on the 1318 to 1378 consolidation area, risks for shorts and longs are greater at each end of the spectrum. The end of day ramp, ended up with a hold long signal, but the 60 min charts have a crossed up MACD but still negative and stochs close to over bought. Watch for a possible reversal down at the open. The possible inverse head and shoulders pattern was negated with the break of 1333.
Watch for the effects of TOM towards the end of the week, with the breaks of 1318 or 1378 being significant on the SPX. Until then enjoy the mistake free trading, with the consolidation moves...Just don't get caught on the wrong side when they break out or break down...Woo hoo still favors the short side here.



Near term signals are not in-sync. Strongest signals when they are all on the same signal.

Tradable shorts or longs are a possible day trade, risky to hold overnight.


Good Luck

SPX Hold Long

Tradable Tradable short below 1348, Hold Long above 1345



QQQQ Tradable Long


Tradable Long above 43.60, Hold Long above 43.75



Dow Hold Long


Tradable Short below 12330, Hold short below 12330


OEX Hold Long


Tradable Short below 621, Hold short below 621