05/25/2011 Market Outlook (Key Day Tomorrow)


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SHORT-TERM: CLUELESS, LET’S SEE TOMORROW

Still nothing to say today. The 3 push down followed by 2 legs up scenario I mentioned in 05/23 Market Outlook could be playing now. Although the last 60 min bar doesn’t look good, could be a Shooting Star which means at least some weaknesses tomorrow morning but if once again bears cannot decisively push down the market then the rebound would be very sharp and the rebound size at least be larger than the highlighted area marked in the chart below. So key day tomorrow, let’s see.

SPY60min

INTERMEDIATE-TERM: SPX NOW IN 1352 TO 1381 WAVE 5 PRICE TARGET AREA, WATCH FOR POTENTIAL REVERSAL

Maintain what I said in 05/06 Market Outlook. Need pay attention to the possibility that wave 5 ends while primary wave 3 sharply down has started. Still just an attention, not even a warning though.

SEASONALITY: NO UPDATE

For May seasonality day by day please refer 04/29 Market Outlook.

ACTIVE BULLISH SIGNALS:

ACTIVE BEARISH SIGNALS:

ACTIVE BULLISH OUTLOOKS:

ACTIVE BEARISH OUTLOOKS:

HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST: 

  TREND COMMENT
SPY & Weekly UP  
QQQ & Weekly UP  
IWM & Weekly UP Could be a Double Top in the forming.
SSEC & Weekly DOWN  
EEM & Weekly DOWN  
XIU & Weekly DOWN  
TLT & Weekly UP  
UUP & Weekly UP  
GLD & Weekly UP  
GDX & Weekly DOWN  
USO & Weekly DOWN Could be a Symmetrical Triangle on $WTIC, more likely to continue down.
XLE & Weekly DOWN  
XLF & Weekly DOWN  
IYR & Weekly UP  
XLB & Weekly DOWN  
  • * = New update; Blue Text = Link to a chart in my public chart list.
  • UP = Intermediate-term uptrend. Set when weekly buy signal is triggered.
  • DOWN = Intermediate-term downtrend. Set when weekly sell signal is triggered.
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