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| All the major US indices were negative. For the week, the Dow Jones Industrial Average gave back 72.66 points, or 0.57%. The Standard Poor's 500 Index lost 10.33 points, or 0.71%, while the Nasdaq Composite gave back 16.06 points, or 0.65%. |
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| Oscillators | Trend Analysis | | Symbol | Daily | Weekly | Daily | Weekly | Mtly | Qtly | Yrly | | SPY |  | |  |  | |  |  | |
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SPY Long-term perspective:
Our long-term perspective has not changed. The SPY monthly uptrend that started on 6/14/2006 has a five waves impulse structure. Fifth wave is in progress and forming the rising wedges pattern. The rising wedge appears in a mature trend characterized by overbought long-term and short-term indicators. This situation usually generates divergence on long-term indicators. Rising wedges usually marks the reversal in an uptrend. Price is near the monthly uptrend resistance line. Weekly William's Percentage Range (W%R) is overbought. Weekly Lane's Stochastic is strongly overbought. We keep bearish long-term outlook for SPY. |
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| SPY - Trend |  |
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SPY Short-term perspective:
SPY daily Lane's Stochastic is strongly overbought, and William's Percentage Range is overbought. Price is moving within the short term up channel. It has turned down after reaching the weekly uptrend resistance line. We expect SPY to test the support line next week. |
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| SPY - Trend |  |
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