Market Outlook SPY for Nov 16th '07

Dominant TF: Daily, but mostly shorter intraday time frames
Swings: DN-DN-DN
Market direction: down, til next support level.

Same Nota Bene as for NDX (cf previous post).Lower intraday time frames seem to show the 145.31 level could hold but overall direction is still down.

60mins: Congestion to down - Lower significance level
Entropy and MTFS point toward a minor fall or just a congestion within the current trading range. However 150 is now the upper resistance level, so one cannot discard testing lows again.
One shall note that the 143.8 support level has turned to pivot indicating some bearish potential.

Daily: Down.
MTFS and Entropy do not look good and at this stage it is likely that the fall will continue until MTFS lines meet. We have to see whether the last bounce on PR2 around 145 will hold again.

MTFS may indicate a congestion around current lows.

Weekly: congestion to mildly down - very low significance level.
This time frame has such a low significance level it is pointless reading it. We can only rely on the Swing indicator as well as MM and Fib levels. For the time being, it is safe to say that we are in a broad trading range with a down bias. If 145 fails to hold, SPY could well also test the 137.50 level for a 3rd time...