*** Status: Market Cautiously Bullish – Sector Funds ***
Not much changed this week with the SP-500 relatively flat for the week with recording a small loss of 0.4%. The Market indicates caution at this point, since the broad market indicies have not moved higher in the last few weeks. The general market trading filter I use (SP-500 53 day CCI) is now at +80 indicating Market Up which is down from +112 last week. My multiple composite SP-500 indicators on the daily chart are both bullish, with the Blau Ergodic Composite Indicator bullish and the MACD composite bullish. The SP-500 index is now above by 1.8% from the recent May 2011 high of 1370. The CCI indicators at the right give a good indication of the market. At this time we see the Russell about to turn negative, while JNK and IEF are negative.
The Guppy Plot for the SP-500 Index is Bullish, but currently with a dip in the average slope of the Fast Moving Averages. The Fast Moving Averages are above the Slow Moving Averages. The average slope of the Fast Moving Averages has now turned negative and the average slope of the Slow Moving Averages remains positive.The ADX components are bullish but maybe trending to a cross over, and the Stoch is moving down. This may be a pause before moving higher, or the initial signals of a significant down move.
We’ll see what the next week brings. We don't try to forecast the market here, rather we just monitor the current conditions and react accordingly. I hope you find this blog helpful. If you do, why not leave a comment.
This week's Rankings are showing Sector Funds at the top which indicates a bullish market, but some bond funds are rising in the ranking so caution is needed. Ranking scores are color coded to indicate positive ranking scores (rate of change / volatility) in green, and negative ranking scores in red. Overall the list is sorted by overall rank but the score that makes up the rank can be positive or negative depending on the recent rate of change. The full list of the funds that are ranked can be found under the Funds tab. Current Rankings of the Funds can be found under the Rankings tab.
What Others are Saying (all free sites): Overall Mixed - Bullish
AAII Sentiment: 38% Bullish / 34% Neutral / 28% Bearish
Investors Intelligence: 53% Bullish / 22% Bearish
Barchart: 32% Buy (last week 88% Buy)
Best Stock Market Trading: Downtrend
Bulkowski: Bearish (CPI= 20% - last week 32%)
Buy-Don't Hold: Sell (1)
Consensus Traders: 55% Bullish / 24% Neutral / 21% Bearish (SPY)
MTR Investors Market Timing Model: Market Up
MyPlanIQ Trend Score: +8.03% (SPY +9.17% last week)
Pattern Trapper: Bearish (SPY)
Stock TA (SPY): Bullish
Stock Trends: Bullish
Wishing Wealth: Market Up (GMI = 5/6)
TheWizard: Very Bullish (SP-500 Long Term Signal)
dshort.com: Invested (Note - monthly SP-500 10-EMA signal)
Click on Charts to Enlarge
|SP-500 Daily Chart for April 7, 2012|
|SP-500 Daily Guppy Chart for April 7, 2012|