Market Outlook SPY for Nov 20th '07

Dominant TF: Daily
Swings: DN-DN-DN
Market direction: down, til next support level...

Note: Significance level is 'alright' albeit much better in low intraday time frames.

60mins: Down, unless current MM pivot level holds.
Entropy and MTFS both point down or just a congestion within the current trading range. Lows around current pivot level (143.75) have been tested. We now have to see how the MTFS bearish pattern develops until lines meet.

Daily: Down, but check support levels.
MTFS and Entropy do not look good and at this stage it is likely that the fall will continue until MTFS lines meet. MTFS may indicate a congestion around current lows. SPY could eventually fall further to 137.50. However the current fall in Entropy is not too alarming (see LEntBin), so congestion may happen on support level.

Weekly: congestion to mildly down - very low significance level.
This time frame has such a low significance level it is almost 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 143.75 fails to hold, SPY could well also test the 137.50 level for a 3rd time...