Market Outlook SPY for Oct 25th '07

Dominant TF: Daily and low intraday time frames
Swings: UP-DN-UP
Market direction: congestion

60mins: mildly up.
Lower time frames indicate some slight upward bias, and SPY could well reach Fib PR1 or even 153 (MM+ Fib). MTFS is not looking too bad but Entropy could peak shortly. Significance level is lower
Daily: Congestion to down.
Contrary to lower time frames, the daily chart still points downward, and this is the dominant time frame. One may have some congestion since we have Fib + MM level at 150. Caution must be exercised, at least until a new Fib formation appears clearly.
For the time being, lows are lower, and a strong base for support must be found to reassure the market. 150 is holding overall for the time being, but this high volatility environment can cause this level to be broken at least momentarily.
Weekly: mildly UP - Very low significance level.
Entropy is looking OK, but MTFS indicates continuation of this situation of congestion. The Swing indicator is very undecisive, so one may just be close to a key level.