Market Outlook SPY for Sep 28th '07

Dominant TF: Daily (also 60mins to an extent)
Swings: UP-UP-DN
Market direction: Neutral to mildly UP. Possible congestion. Check 153.50 key level.

60mins: neutral to mildly UP. Possible congestion.
AdStoK is fairly bullish but overbought, and Entropy is picking up a little again. The major resistance level is however now lower, indicating a probable narrower trading range, or even a turnaround in the next couple of days. Key level remains 153.50

Daily: neutral to mildly UP. Possible congestion.
AdStoK and Entropy are both stabilising, and AdStoK lines are about to cross. Possible congestion to small increase to 153.50 in the short term. AdStoK lines should give us clues on direction in a couple of days.
One should note that the current resistance level at 150 is still in place.

Weekly: neutral to mildly UP
The Swing indicator is still hesitant, but it is likely that highs will be tested. Entropy is slowly looking better, and the AdStoK white line is clearly showing the "U" shape indicating recovery at least until lines cross.
This time frame is not the dominant one, which is visible with the Swing indicator finding difficult to adapt to the high volatility environment we've had lately.