Market Outlook SPY for Sep 25th '07

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

60mins: neutral to mildly DN, til bounce on support
Same as yesterday: support must be found either now on 151.50 or lower 150 (i.e. -1%). There is still some negative bias, and 150 is a stronger Fib level.
There is no indication SPY will then go lower. A new Fib pattern may form to give a 156 target.

Daily: neutral to mildly UP
Same as yesterday: AdStoK is certainly bullish although also slighlty overbought. The AdStoK pattern is fairly clear, until the Green Line joins the White Line at least. With some weakening in the white line as well as Entropy, SPY may crawl to 153.50. It should test highs later on.
Likely range: 150 to 153 and 155.50 (July highs).

Weekly: neutral to mildly UP
The Swing indicator has turned UP and the chart certainly looks more bullish, but one has to first see what will happen when July highs are truly tested...