09/24/2009 Market Recap: CPCE Calls for a Top Again


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Summary:

CPCE calls a market top again.

SPY short-term is down with initial target around $103.38.

  Trend Momentum Comments - Sample for using the trend table.
Long-term Up    
Intermediate Up Neutral  
Short-term Down* Neutral  
My Emotion Down*    

INTERMEDIATE-TERM: TREND STILL IS UP BUT CPCE ARGUES FOR A TOP NOW

2.8.0 SPX:CPCE, a market top signal was triggered today. To confirm the top the trend line must hold at least for a few days.

CPCE

Bottom line: 1.2.1 Dow Theory: Averages Must Confirm, the 2 days pullback was not enough to fix the record high overbought level recorded on NYA200R, BPSPX and NYHILO.

DowTheory

SHORT-TERM: SPY INITIAL PULLBACK TARGET COULD BE AROUND $103.38

1.0.3 S&P 500 SPDRs (SPY 30 min), because a lower low was formed and a MACD sell signal was triggered, therefore I downgraded the short-term from up to down. The initial target could be around $103.38.

SPY30min

INTERESTING CHARTS:

3.1.0 PowerShares DB US Dollar Index Bullish Fund (UUP Daily),  record volume today. No idea bullish or bearish, just most paid services I subscribed are bullish on US$ now.

UUPDaily

3.4.2 United States Oil Fund, LP (USO 30 min), RSI is way too oversold so there could be a short-term rebound. Just if you believe the US$ is bullish then on the intermediate-term oil should be bearish.

USO30min

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