Market Outlook SPY for Sep 21th '07

Dominant TF: Daily
Swings: DN-UP-DN
Market direction: neutral to mildly UP.

60mins: neutral to mildly DN
AdStoK and Entropy Entropy both show some mild retracement potential, so we have to check for the next Fib and/or MM support level: 151.50 or maybe 150
There is no indication SPY will go lower. If support is rapidly found, a Fib pattern may form to give a 156 target.

Daily: neutral to mildly UP
AdStoK is certainly bullish although also overbought.
Should we see a pause or some mild profit taking, SPY could remain around 153 or find support around 150.
Likely range: 150 to 153 and 155.50 (July highs).
Considering the upward bias, the upper boundary of this range should be tested soon.

Weekly: neutral to mildly UP
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...