New Trading Systems - Think Tank

[rimshot]

SPX 30-min with inter market relationship chart showing historical horizontal inflection price levels for:

1. the SPX

2. the SPX Equal Weighted Index

3. the related markets such as NYSE Composite Index (NYA)

and

oil (USO)

and

Nasdaq 100 index - (NDX)

reminder - no weekly closes lows below SPX $1363 have taken place in months, so this is a highly relevant horizontal inflection level now, and in the immediate future



chart #2 - SPX weekly closes chart in histogram format

* this chart also includes the JPM price action overlay for weekly closes by JPM shown as an orange-colored price line overlay behind the SPX price histograms

* SPX - $1369.69 = the 13-week ema value at this moment, May 7 1:18 pm eastern time ... bulls want to see daily closes and weekly closes continue to reside above at least the 13-week ema


* NYSI - weekly closes by NYSI back above the +280.72 to +350 zone will be constructive for the bullish case, and keeping that potential future breadth bounce alive and well again, at a minimum

NYSI eventually penetrating the +500 to +750 zone will be highly desirable for the bullish case



chart #3 daily with NYSI another version -

stockcharts.com/c-sc/sc?s=$SPX&p=D&st=2010-08-01&en=(today)&i=p15567118019&a=239816870&r=1336411456290