$TSX-TC Update for 10.04.2009

S&P/TSX INDEX - $TSX-TC

Monthly chart shows the bulls managed to take the index up for seven straight months from the March 2009 lows. The last high made was right at the 34ema resistance level. Is this just profit-taking for the next leg up, or is it time for a much deeper retracement?

Weekly chart shows the last high made was made with regular divergence on the cci Momentum indicator. The whole move up off the March 2009 low was made with a three wave pattern so far. Look for potential deeper retracement based on this pattern.

Daily chart shows a sell signal in place on this timeframe, as a lower high was made on September 30, 2009. Friday's price action indicated further conviction to the downside as the bears managed to gap down the index at the open in their haste to exit their long positions. Look for continuation lower into next week as likely. IF the bulls manage to take the index back above the 11,458 level, THEN look for higher instead.

$RUT Update for 10.04.2009

RUSSELL 2000 INDEX - $RUT

Monthly chart shows backend resistance at prior high of 614 area holding as resistance once again. Coincidentally, this is also right at the 34ema and the 89sma levels.

Weekly chart shows the current high was made with regular divergence on the cci Momentum indicator. Look for possible deeper retracement off this current resistance high.

Daily chart shows sell signal in place on this timeframe with a lower high put in on September 29, 2009.

$NDX Update for 10.04.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows the bulls managed to pull the index up above all the key moving averages on this timeframe. The low for this index was actually made in November 2008. The march low was a higher low, from where the bulls managed to retrace almost .618 of the total drop from October 2007.

Weekly chart shows the current high was made with regular divergence seen in the cci Momentum indicator.

Daily chart shows a sell signal in place with a lower high made on September 28, 2009. Look for continued weakness and a possible deeper retracement to take place.

$SPX Update for 10.04.2009

S&P 500 INDEX - $SPX

Monthly chart shows the bulls managed to take the index up for seven straight months. The bulls managed to find initial resistance right at the .443 fib retracement area, where initial profit-taking took place. Look to lower timeframe charts for early signal of a more significant pullback.

Weekly chart shows the whole move up into the .443 fib area resistance was made in a three wave pattern so far. The new high was made with regular divergence seen in the cci Momentum indicator. Look for possibility of bigger retracement off this current high.

Daily chart shows a sell signal with a lower high made on September 29, 2009. Look for continued signs of weakness, and possibly much deeper retracement off this level.

$INDU Update for 10.04.2009

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart indicates the bulls have managed to run the index straight up for seven months in a row without any signicant pullback. The index is currently above both the 8ema and the 13sma. The bulls found resistance right at the .443 fib retracement level, where initial profit-taking began to take place. Time to drill down to lower timeframes to look for sell signal as indication of a more significant pullback.

Weekly chart shows regular divergence developing on the cci Momentum indicator. Currently we can see a three wave pattern into the .448 fib retracement level. Coincidentally, the .448 fib retracement level also happens to be right at the 89sma.

Daily chart shows a sell signal in place, with a lower high made on September 29, 2009, when the bears managed to take the index to a break of the up trendline in place, and below the 8ema.

$TSX-TC Update for 05.17.2009

S&P/TSX INDEX - $TSX-TC

Monthly chart shows the market found resistance above at the .382 fib area, where bulls took profits this month.

Weekly chart better shows the current resistance levels encountered by the bulls. The bears managed to take back most of the gains made by the bulls the week before.

Daily chart shows the bears managed to take the index back below both the 8ema and the 200sma on this timeframe. Look for continued weakness and a retracement of the entire move up off the March 2009 low.

$RUT Update for 05.17.2009

RUSSELL 2000 INDEX - $RUT

Monthly chart shows the market found resistance right off the 8ema, as the bulls were unable to close above this level. Index remains below all key moving averages on this timeframe.

Weekly chart shows the bulls found resistance right against the 34ema on this timeframe. The bears have managed to take back most of the gains made in the prior two weeks. The market found short term support right off the 8ema. Major trader sentiment has changed, and we should see continued weakness into next couple of weeks. IN we see continued weakness, THEN look for retracement of the entire move up off the March 2009 low.

Daily chart shows the bears have managed to take the index back below the 8ema and the down trendline in place. The bulls managed to find short term support off the 34ema, but with continued weakness, look for this to break as the market retraces the entire move up off the March 2009 low.

$NDX Update for 05.17.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows the bears managed to erase any gains made by the bulls at the start of the month so far. The bulls managed to find support right at the 8ema. Will they be able to hold onto it?

Weekly chart shows second week of weakness and increasing selling pressure. Bulls found resistance right at the 54ema. Look for continued weakness and a retracement of the entire move up from the March 2009 low and possibly the November 2008 low.

Daily chart shows continued weakness and profit-taking right at the 1.618 fib retracement level. The bears managed to close the week with the index below 8ema and the 200sma, as well as a break below the up trendline in place. Look for continued weakness and a retracement of the entire move up from the March 2009 low and also the November 2008 low. Price action in the next week or so should better reveal whether this is a breather before the next move up, or whether the top has been put in before we head to a lower low.

$SPX Update for 05.17.2009

S&P 500 INDEX - $SPX

Monthly chart shows the bulls have been unable to take the market above the 8ema on this timeframe. Index remains below all key moving averages and the down trendline in place.

Weekly chart shows that while the index remains above the 8ema on this timeframe. the bears have managed to take back all the bulls' gains the week prior. Current short term resistance is directly above at the 34 ema. Look for continued weakness and a possible retracement of the entire move up off the March 2009 low.

Daily chart shows the bears have managed to take the index back down below its 8ema and below the up trendline in place. Look for continued weakness and a retracement of the whole move up off the March 2009 low. First downside target is the .618 fib retracement level.

$INDU Update for May 17, 2009

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart shows the market found short term resistance right off the 8ema on this timeframe. Index currently remains below all key moving averages and also below the down trendline in place.

Weekly chart shows the bears came out in force this past week, practically erasing all the gains the bulls made the week prior. Look for possible continued weakness and a retracement of the entire move up off the March 2009 low.

Daily chart shows the bears managed to take the index right back below the 8ema, as well as a break below the up trendline in place. Look for continued weakness and a retracement of the whole move up from the March 2009 low.