07/20/2009 Market Recap: A few potential turning signs


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Summary:

Could be a turning day tomorrow.

  Trend Momentum Comments - Sample for using the trend table.
Long-term Down   Idea for trading intermediate-term under primary down trend.
Intermediate Up Overbought*  
Short-term Up Overbought  

Could be a turning day tomorrow as I saw a few potential turning signs today.

7.6.1 SPX Cycle Watch (60 min), today is the end of 7 trading day cycle while tomorrow is the end of 13 trading day cycle, both or either of those days could be a turning day.

SPXCycleWatch60min

2.0.0 Volatility Index (Daily), from the chart we can see that black bar has very high chances of being a reversal bar.

VIXDaily

3.0.0 10Y T-Bill Yield, yield always leads the stock market. It formed a Bearish Dark Cloud Cover today, so it could pullback which means that the stock market could pullback as well.

TNX

From chart pattern, I see lots of negative divergences on SPY, QQQQ and USO intraday charts so they could pullback, while I see lots of positive divergences on UUP chart which means US$ could rebound. The combination of those charts should mean a pullback of the stock market.

1.1.5 PowerShares QQQ Trust (QQQQ 30 min).

QQQQ30min

3.4.2 United States Oil Fund, LP (USO 30 min).

USO30min

3.1.1 PowerShares DB US Dollar Index Bullish Fund (UUP 30 min).

UUP30min

Listed all the other overbought signals below. It’s true that in a strong uptrend, market could be overbought then even more overbought, but personally, without seeing a pullback, I won’t chase high here.

0.0.3 SPX Intermediate-term Trading Signals, ChiOsc way too high.

SPXMidTerm

2.4.2 NYSE - Issues Advancing, overbought.

NYADV

T2103 - Zweig Breadth Thrust from Telechart, overbought.

T2103

Last but not the least, take a look at After Bell Quick Summary, from seasonality point of view, tomorrow is the most bearish day in July.

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