*** Status: Market Cautiously Bullish – Sector Funds ***
The SP-500 was slightly up this week with a gain of 0.6%. The Market continues to be in a consolidation phase without a firm trend up or down. McClellen Financial indicates the potential of higher highs after the current correction phase. The general market trading filter I use (SP-500 53 day CCI) is now at +13 indicating Market Up which is the same as +13 last week. My multiple composite SP-500 indicators on the daily chart continue to be mixed, with the Blau Ergodic Composite Indicator bullish, but close to a Bearish crossover, and the MACD composite bearish. The SP-500 index is now down slightly about 3% from the recent April 2012 high of 1422. The CCI indicators at the right give a good indication of the market. At this time we see a bit of a mixed picture with the Russell 2000 and JNK negative, and the other funds positive.
Just like last week, the Guppy Plot for the SP-500 Index is in a transition mode potentially, with the Fast Moving Averages turning down in to 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 is barely positive.The ADX components are bearish and the Stoch has moved down.
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 - Bearish
AAII Sentiment: 31% Bullish / 35% Neutral / 34% Bearish
Investors Intelligence: 44% Bullish / 24% Bearish
Barchart: 8% Sell (last week 16% Sell)
Best Stock Market Trading: Downtrend
Bulkowski: Neutral (CPI= 62% - last week 13%)
Buy-Don't Hold: Sell (1)
Consensus Traders: 25% Bullish / 21% Neutral / 53% Bearish (SPY)
Keybot the Quant: Bullish (since 4/12/12)
MTR Investors Market Timing Model: Market Down
MyPlanIQ Trend Score: +4.43% (SPY +4.38% last week)
Pattern Trapper: Bearish (SPY)
Stock TA (SPY): Neutral
Stock Trends: Bullish
Wishing Wealth: Market Down (GMI = 2/6)
TheWizard: Less Bullish (SP-500 Long Term Signal)
dshort.com: Invested (Note - monthly SP-500 10-EMA signal)
|SP-500 Daily Chart for April 21, 2012|
|SP-500 Daily Guppy Chart for April 21, 2012|