Market Outlook SPY for Sep 20th '07

Dominant TF: Daily (and intraday < 30mins)
Swings: UP-UP-DN
Market direction: neutral to mildly UP.

60mins:
AdStoK is pausing a little, but remains bullish.
However, Entropy is historically very high so should peak shortly.
To go higher, some support will have to be found first, probably around 153, but should there be substantial profit taking, which is very unlikely: 148.
After a good support is found, SPY could reach 156.

Daily:
AdStoK is certainly bullish although overbought.
Should we see some profit taking, SPY will find support around 150, otherwise 147. The possible range is therefore: 150 (maybe 147) to 153 and 155.50 (July highs).
Considering the upward bias, the upper boundary of this range should be tested soon.

Weekly:
The Swing indicator has not turned around yet (due to high vol.), but the chart certainly looks more bullish. One has to first see what will happen when highs are tested...

Market Outlook NDX for Sep 20th '07

Dominant TF: Daily
Swings: UP-UP-UP
Market direction: neutral to mildly UP.

60mins:
NDX is aiming at 2062 but understandably has difficulty passing July highs.
Entropy is historically high so should peak shortly.
To go higher, some support will have to be found first, probably on 2031, but should there be substantial profit taking, which is very unlikely: 2016, or maybe even 2000.

Daily:
Entropy is weakening indicating a possible pause in this bull move. AdStoK remains very bullish so there should not be any serious retracement going forward.

Weekly:
AdStoK does not quite seem to follow price action, and Entropy is quite weak.
One should perhaps be cautious about a possible double top, but no panic just yet...

Market Outlook RUT for Sep 20th '07

Dominant TF: Weekly!
Swings: UP-UP-DN
Market direction: neutral to mildly up.

60mins:
RUT passed the major 812.50 level, yet it is not quite broken yet. The 820 was a Fib level in a lower time frame.
AdStoK indicates a pause on the way up and Entropy has peaked while remaining strong.
The 812.50 level must be tested for support.
At this stage, there is no reason for RUT to go lower.

Daily:
AdStoK is obviously bullish but the line separation may indicate some volatility at these new levels. RUT may well reach 827 after some support is found.
Should we see some profit taking, RUT will find support around 800.

Weekly:
The Swing indicator has not turned around yet, and weekly bars are still yellow, indicating we are not back to bullish mode just yet. Having said that, volatility is the main cause for this hesitation.
Shorter time frames should take the lead soon, but RUT could creep slowly to 843 over the next few weeks.

Market Outlook MID for Sep 20th '07

Dominant TF: 60mins & Daily
Swings: UP-UP-DN
Market direction: neutral to mildly up.

60mins:
AdStoK is overbought territory indicates MID could pause for a while, and even retrace to 875 to find support on previous resistance, also a PR1 Fib level now.
Entropy is historically high so could peak soon.
MID can reach 906, but 875 is equally likely.

Daily:
AdStoK is bullish but the pattern is not very clear, and Entropy is not helping. One can therefore anticipate a modest increase at best.
Probable range: 875 to 906.

Weekly:
The Swing indicator has not turned around yet, and weekly bars are still yellow, indicating we are not back to bullish mode just yet. Having said that, volatility is the main cause for this hesitation.
MID could reach 906 then July highs, then 937, but iy is likely that 875, or maybe 858 be tested for support first.