Replies to post #19073 on CHARTS_CCI_SYSTEM

[rimshot]

the 21-day sma = today's rejection level
for the intraday bounce by
both SPX and SPY

( Friday February 16, 2018 )

chart #1 -

NYSE Composite index daily chart with SPX and others:

* NYA and TRAN remain below their 50-day sma



chart #2 - NYA weekly closes line chart,
with SPX and others vs. their 20,2 weekly BB:

* FYI - the current price action now resides at an ideal
location to turn down for all these index symbols, and
re-test the February 7 to 9, 2018 intraday lows ... time
will tell ... not a time to be overly confident in your
directional bet, imo

[rimshot]

SPXEW index weekly chart with internals &
Arthur Hill's chart opinion posted this week:

( S&P 500 Equally Weighted index = SPXEW )

Arthur Hill says:

https://stockcharts.com/articles/chartwatchers/2018/02/where-did-all-those-new-lows-come-from.html

excerpt -

"In fact, the surge in new lows was the largest since February 2016 and previous occurrences suggest that the market may need more time to find its bullish footing."

chart #1 -

SPXEW weekly chart with:
15,2 BB
21,2 BB
21,3 BB

* the 21,3 weekly BB often marks the level for
bottom or top spotting

* the SPXEW 50-week sma provided support
at the prior week's intraday price low



chart #2 -

RSP monthly with:
21,2 BB
10 ema & 50 ema

* the 50-month ema is the customary
downside risk measure for the more
lasting price declines

[rimshot]

"So when we bounced off the 200-EMA, I thought of it as thin ice.
I'm not expecting a new bull market leg, but rather a bull trap."

- Erin Swenlin / February 16, 2018

full article -

https://stockcharts.com/articles/chartwatchers/2018/02/bull-or-bear-market-rules.html

Erin's SPX daily chart -



Erin's SPX daily chart with short-term &
intermediate-term indicators -



Erin's SPY daily chart -

[rimshot]

about SPX, a StockCharts analyst on Feb. 17, 2018 says:



" The current decline has formed the initial low and rebounded into the Fibonacci retracement zone. We have two possibilities here. One, the market continues to new highs and forms a "V" bottom. The second possibility is that we will see a 8-10 day sell-off to retest the second low. Note that the Chande Trend Meter is well above 20, which breaks the pattern, and may imply that a "V" bottom is more likely. Only time will tell. " - Tushar Chande

CTM shown on the chart = the Chande Trend Meter

[rimshot]

50 dsma and 200 dema watch for 6 major US indices:

SPY
S&P 1500 index
NYSE Composite index
Nasdaq Composite
Nasdaq 100
Dow Jones Industrials

* price action will almost certainly attempt a retest from above of the 50-day sma for those indices which are now briefly back above
the 50-day sma, as of Friday February 16, 2018

bulls need a lasting hold above the 50-day sma's to firm the probability
of a lasting price advance