Market Outlook SPY for Sep 20th '07

Dominant TF: Daily (and intraday < 30mins)
Swings: UP-UP-DN
Market direction: neutral to mildly UP.

60mins:
AdStoK is pausing a little, but remains bullish.
However, Entropy is historically very high so should peak shortly.
To go higher, some support will have to be found first, probably around 153, but should there be substantial profit taking, which is very unlikely: 148.
After a good support is found, SPY could reach 156.

Daily:
AdStoK is certainly bullish although overbought.
Should we see some profit taking, SPY will find support around 150, otherwise 147. The possible range is therefore: 150 (maybe 147) to 153 and 155.50 (July highs).
Considering the upward bias, the upper boundary of this range should be tested soon.

Weekly:
The Swing indicator has not turned around yet (due to high vol.), but the chart certainly looks more bullish. One has to first see what will happen when highs are tested...