Technical look into the Swing indicator (ADVANCED)

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Market Outlook RUT for Sep 18th '07

Dominant TF: 60mins
Swings: DN-DN-DN
Market direction: Mildly Down.

60mins:
The recovery stopped close to Fib PR2 (61.8%) at 787 and settled just above MM pivot at 781, after hovering within a fairly tight range for a few days. AdStoK is neutral to bearish, and Entropy also mildly negative.
After the Fed announcement today, it can certainly go both ways, but there is a neutral to negative bias ahead of the news.
Return to 773 then 766 is possible.

Daily:
AdStoK gives us some indication of a slight negative bias, but nothing clear really, which is understandable in this trading range ahead of a much anticipated news. Entropy is however down and negative. The market is driven by levels right now, and thus will probably move to the next fractal level upon the Fed announcement.
Possible range: 765 to 800, then 812.5 on the up side, 750 on the down side. 750 and 812 are KEY LEVELS in both directions.

Weekly:
Ahead of the Fed on Monday, there is some minor downward bias, but it could just as well be a return to the bullish trend after a bounce on the 750 support level.

Market Outlook SPY for Sep 18th '07

Dominant TF: 60mins
Swings: DN-UP-DN
Market direction: undetermined.

60mins:
The recovery has stalled short of the 150 level. AdStoK is weaker now, but Entropy while negative gives us no clear direction. Would there be no imminent news, the most likely scenario ahead would be a retracement to Fib PR1 (147.50), or even down to Fib and MM Pivot around 146.8
After the Fed announcement today, it can certainly go both ways, but there is some negative bias ahead of the news.

Daily:
Very slight upward bias given by AdStoK, but Entropy is so weak, it could here really go both ways, or even stay a little longer in the same trading range.
Possible range: 145 (maybe 142) to 150, then 153 and 155.50 (July highs)

Weekly:
Ahead of the Fed announcement, there is some modest upward bias left. Hopefully a direction will emerge soon enough...
One should take cues from the dominant TF which is the 60mins chart.

Market Outlook NDX for Sep 18th '07

Dominant TF: 60mins
Swings: DN-UP-UP
Market direction: undetermined.

60mins:
The recovery stopped a couple of days ago on 2000 which is not a major Fib level (at this time frame), but is a major psychological MM level. NDX then fell a little to between a PR1 at 1981 and and MM intermediate level at 1984. AdStoK and Entropy are now somewhat pointing down. AdStoK is around the median zone with a negative gradient.
After the Fed announcement today, it can certainly go both ways, but there is certainly a negative bias ahead of the news.

Daily:
Would there be no imminent news, the most likely scenario ahead would be upward bias conditional to passing the resistance level. With Entropy coming down, it seems NDX will have no momentum left to break 2000, so a
Possible range: 1980 to 2025, then 2025 on the up side... or around 1945 on the down side....

Weekly:
No clear direction ahead of the Fed announcement. There is some minor upward bias left, but it could just as well be a return to the bullish trend than a double top...
This time frame is not very significant right now, so one should take cues from the 60mins chart for now.

Market Outlook MID for Sep 18th '07

Dominant TF: 60mins
Swings: DN-UP-DN
Market direction: undetermined.

60mins:
The recovery stopped a couple of days ago on Fib PR2 (61.8%) and MID is now mildly pointing down. AdStoK is around the median zone with a negative gradient. Entropy is now also definitely negative.
After the Fed announcement today, it can certainly go both ways, but there is still a neutral to negative bias ahead of the news.

Daily:
Would there be no imminent news, the most likely scenario ahead would be congestion or trading range, with a negative bias (white line separation and negative entropy).
Possible range: 843 to 875, then 812 on the down side, for 906 on the up side.

Weekly:
No clear direction ahead of the Fed announcement. Note that there may be 2 opposite Fib patterns. The first one drawn manually gives price targets close to 800 then 750. The one calculated automatically on the contrary gives 800 then 930. We should know soon enough...