Replies to post #39 on S&P 500 price levels to trade

[rimshot]

-1200.62 = value now at 11:10 a.m. ET for the daily NYAD smoothed with the 8-day sma ...

which is now at an extreme low that is usually a buy zone in a few hours/days unless the:

1. index price action and
2. breadth action

are now starting the character of the January/February 2008 chart setups

daily NYAD chart smoothed with the 8-day sma:

[rimshot]

SPX index is now re-testing the "Ebola price lows" ~1813, as of 12:29 a.m ET today January 20, 2016:

[rimshot]

S&P 500 cumulative net Advance-Decline
line continues to display a higher lows
Chart structure
since early January 2018 ...
as of June 27, 2018 ...
which
potentially argues for the SPY bullish case, until
negated by further actual A-D line declines

SPY daily with the A-D line -

* Carl Swenlin's ITBM A-D breadth metric
has not
violated the early May 2018 low
( Potential SPY bear trap now underway
in late June ... until the
ITBM declines to below its zero line
on a lasting basis )

https://stockcharts.com/c-sc/sc?s=SPY&p=D&yr=0&mn=6&dy=0&i=p47249717189&a=183961259&r=1458750742284

[rimshot]

$SPXEW daily chart has met the initial criteria for
an M-top using:

the 21,2 %B and the 50,2 %B setups

since the $SPXEW printed a higher price high in July above the June high,
while the two %B's closed far below the 1.0 line
at the time of the higher July price high

https://stockcharts.com/h-sc/ui?s=%24SPXEW&p=D&yr=0&mn=7&dy=0&id=p17324699432&a=445729071

* similarly, the M-top initial chart criteria has been satisfied for the SPY daily chart and the RSP daily chart ….
chart vigilance is prudent until the upper Bollinger Band
is actually reached or surpassed by a higher price high above
the June high and the current July high

stockcharts.com/school/doku.php?id=chart_school:technical_indicators:bollinger_bands

"M-Tops were also part of Arthur Merrill's work that identified 16 patterns with a basic M shape. Bollinger uses these various M patterns with Bollinger Bands to identify M-Tops. According to Bollinger, tops are usually more complicated and drawn out than bottoms. Double tops, head-and-shoulders patterns, and diamonds represent evolving tops.
In its most basic form, an M-Top is similar to a double top. However, the reaction highs are not always equal. The first high can be higher or lower than the second high. Bollinger suggests looking for signs of non-confirmation when a security is making new highs. This is basically the opposite of the W-Bottom. A non-confirmation occurs with three steps. First, a security creates a reaction high above the upper band. Second, there is a pullback towards the middle band. Third, prices move above the prior high but fail to reach the upper band. This is a warning sign. The inability of the second reaction high to reach the upper band shows waning momentum, which can foreshadow a trend reversal. Final confirmation comes with a support break or bearish indicator signal. "