S&P 500 Trend Analysis - 1/26/2007

All the major US indices were negative. Last week we suggested that Dow Jones Industrial Average does not have many chances to advance, and it dropped 78.51 points, or 0.62%. The Standard Poor's 500 Index lost 8.32 points, or 0.58%, while the Nasdaq Composite gave back 15.82 points, or 0.65% for the week.

Oscillators Trend Analysis Symbol Daily Weekly Daily Weekly Mtly Qtly Yrly SPY

S&P 500 Long-term perspective: The S&P 500 index monthly uptrend that started on 6/14/2006 has a five waves impulse structure. Price is near the monthly uptrend support line. The chances are high that S&P will soon break the support line and move down toward the multiyear support.

S&P 500 - Long-Term Trend

S&P 500 Short-term perspective: The current weekly wave is forming a rising wedge pattern. The rising wage is a triangle formation with noticeable slant to upside. It represents the loss of upside momentum on each successive high and has a bearish bias. Rising wedges usually marks the reversal in uptrend.

S&P 500 - Short-Term Trend

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DIA Trend Analysis - 1/19/2007

Major markets could not make much progress this week despite falling energy prices and favorable economic news. For the week, the Dow Jones Industrial Average climbed 9.45 points, or 0.08%. The Standard & Poor's 500 Index lost 0.23 points, or 0.02%. Last week we expected weakness for the Nasdaq Composite, and it felt down sharply losing 51.51 points, or 2.06%.

Oscillators Trend Analysis Symbol Daily Weekly Daily Weekly Mtly Qtly Yrly DIA

QQQQ Long-term perspective:
Diamonds Trust (DIA) daily and weekly Lane's Stochastic are overbought, weekly William's Percentage Range is strongly overbought, Lane's Stochastic and MACD have bearish divergence and price is near the long-term resistance line. Uptrend is exhausted.

DIA - Long-Term Trend

QQQQ Short-term perspective:
DIA price is near the weekly uptrend channel support line, but considering all long and short term bearish indicators, DIA does not have many chances to advance. DIA may break the weekly uptrend channel support line soon.

DIA - Short-Term Trend

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QQQQ Trend Analysis - 1/12/2007

Last week we suggested that SPY might rally to retest the weekly resistance at 142.78. Indeed it was a strong week for the major markets. For the week the Dow Jones Industrial Average gained 158.07 points, or 1.27%. The Standard Poor's 500 Index rose 21.02 points, or 1.49%, while the Nasdaq Composite climbed 68.57 points, or 2.82%.

Oscillators Trend Analysis Candle Symbol Daily Weekly Daily Weekly Mtly Qtly Yrly sticks QQQQ

QQQQ Long-term perspective:
The Nasdaq was the last one among three major indices to reach the long-term uptrend resistance line. QQQQ daily and weekly Lane's Stochastic are strongly overbought. MACD has bearish divergence. All above indicators suggest that Nasdaq is ready to turn down and join S&P 500 and Dow Jones in down trend toward the long-term support line.

QQQQ - Long-Term Trend

QQQQ Short-term perspective:
In addition to all bearish indicators QQQQ had a bearish Advanced Block candlesticks pattern. This pattern is usually considered as a reversal signal. This is a warning that the bull has ran out of steam, and the rally is slowing down. We expect additional weakness of the QQQQ upside price action next week.

QQQQ - Short-Term Trend

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SPY Trend Analysis - 1/5/2007

It was a mixed week for the major markets. For the week, the Dow Jones Industrial Average gave back 65.14 points, or 0.52%. The Standard Poor's 500 Index lost 8.59 points, or 0.61%, while the Nasdaq Composite climbed 18.96 points, or 0.78%.

Oscillators Trend Analysis Symbol Daily Weekly Daily Weekly Mtly Qtly Yrly SPY

SPY Long-term perspective:
The long-term up channel that started on 6/14/2006 is broken. A new downtrend started on Des. 14, 2006. It may take SPY to the multiyear support line. Weekly Williams' % Range and Lane's Stochastic are still in overbought area.

SPY - Long-Term Trend

SPY Short-term perspective:
The new weekly down channel is forming. Price is near support level. Daily technical indicators are neutral. While the long-term trend has turned down, but short-term SPY may briefly retest the weekly down channel resistance at 142.78.

SPY - Short-Term Trend

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Dow Jones Trend Analysis - 12/29/2006

It was an upbeat week for the major markets. The Dow Jones Industrial Average climbed 119.93 points, or 0.97%. The Standard Poor's 500 Index climbed 7.54 points, or 0.53%, while the Nasdaq Composite climbed 14.11 points, or 0.59%. For the year the Dow Jones Industrial Average gained16.3%, the Standard Poor's 500 index rose 13.6%, while the Nasdaq Composite gained 9.5%. Gold was up 23%, and the U.S. dollar lost about 4%.

Oscillators Trend Analysis Symbol Daily Weekly Daily Weekly Mtly Qtly Yrly Dow Jones

SPY Long-term perspective:
Similar to the S&P 500 index, the Down Jones weekly uptrend that started on 6/13/2006 is near completion. It has a five waves impulse structure. The annual Christmas Rally formed the final fifth wave that is now completed or almost completed. A new downtrend line toward the multiyear support is about to start.

Dow Jones - Long-Term Trend

Dow Jones Short-term perspective:
The last fifth wave of the weekly uptrend is near completion. The wave is forming a termination pattern, daily Williams' Percentage Range (W%R) and weekly Lane's Stochastic are in overbought area, while weekly W%R is strongly overbought. Both Lane's Stochastic and W%R have bearish divergence on daily and weekly time frames. The Down Jones (12463.15) is near the monthly uptrend resistance line (12587.36) and close to the Upper Bollinger Band line (12469.75). All above technical indicators are bearish and point to the negative outlook for the beginning of 2007.

Dow Jones - Short-Term Trend

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