Market Outlook SPY for Nov 30th '07

Dominant TF: Daily
Swings: UP-UP-DN (from DN-DN-DN)
Market direction: up, but a pause is likely.

Note: swing gradient are opposite on daily and weekly charts, and both have too steep a gradient to be stable.
Daily chart has a much higher significance though so overall upward bias is likely.

60mins: congestion to up
Recovery stalled on PR1 (38.2% Fib upward retracement), and there will be hesitation between running for 150 and pausing a bit. MTFS and Entropy show signs of weakening albeit without serious downward pressure. A [147-150] trading range is likely.

Daily: congestion to up
Again, PR1 at 147.10 marked a pause in current recovery. MTFS is not showing the easiest pattern as an early crossover (above oversold territory) generally occurs on negative gradient indicating a forthcoming double bottom or cup and handle. The positive gradient this time may mean little or no retracement down to a stronger base for rebound.
SPY will try and reach Fib expansion levels starting with 148.4, but MTFS indecision may mean some congestion ahead.

Weekly: congestion - 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 slightly upward biased (higher highs and higher lows).