Market Outlook SPY for Oct 15th '07

Dominant TF: Daily
Swings: UP-UP-UP
Market direction: Congestion. Upward bias still valid.

60mins: Possible congestion with upward bias. 156.25 is a pivot level to watch in the near term.
This AdStoK pattern is not the easiest to read, as we have really no energy left right now (non existent Entropy), so it may require a bit of a 'shock' to move either way. A trading range [154.60-158-50] is likely for the time being.

Daily: mildly up.
AdStoK is so overbought with a white line declining, but Entropy is still holding quite well. This is not indicative of any strong retracement in the near term.
We could however have some increased volatility in the next few days, and a direction then emerging more clearly. Until then the upward bias is still valid.

Weekly: mildly UP.
The Swing indicator is now more firmly up, but the key swing price level is still close at this time frame.
Entropy is slowly looking better, and the trend should remain mildly up for the time being as AdStoK lines are now crossing with a strong up gradient.