09/25/2008 Market Recap: No Title


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No much to talk about today -- everyone is waiting for the outcome of 700B bailout plan.  I don't know what will happen tomorrow, but it seems nothing concrete will be released before the weekend.  Maybe the market will be disappointed tomorrow.  But I guess the bailout plan will be passed anyway, and it would be a good news according to the market reaction today.

From the perspective of the technical analysis, we need an up day tomorrow, otherwise 1.0.6 S&P 500 Bullish Percent Index may give a confirmed sell signal soon.

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The only good news for bulls is that RHNYA at the bottom of 0.0.2 SPY Short-term Trading Signals chart is still oversold.

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1.1.7 TRINQ Trading Setup.  TRINQ closed below 0.6 today so tomorrow QQQQ may drop down.  So far the success rate of this setup is 71%.

2.8.1 CBOE Options Total Put/Call Ratio.   CPC is only 0.8 which is over bullish.  However, normalized put/call ratio at the bottom of the chart is still in the bullish region so it seems okay at the moment.

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1.4.3 S&P/TSX Composite Index (15 min).  Canadian market looks slightly better.  Bullish falling wedge, and positive divergence on both MACD and RSI.

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