Market Outlook MID for Sep 21th '07

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

60mins: neutral to mildly DN, til support is found.
AdStoK and Entropy show some retracement potential to 875 (maybe 870) to find support and possibly go higher later on.

Daily: neutral to UP
AdStoK is bullish but the pattern is not very clear, and Entropy is not helping. Strange enough, the Swing indicator shows signs of turning. One can therefore anticipate a modest increase at best.
Probable range: 875 to 906.

Weekly: neutral to mildly UP
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. A Fib pattern seems to take shape too with a target close to previous highs.

Market Outlook SPY for Sep 21th '07

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

60mins: neutral to mildly DN
AdStoK and Entropy Entropy both show some mild retracement potential, so we have to check for the next Fib and/or MM support level: 151.50 or maybe 150
There is no indication SPY will go lower. If support is rapidly found, a Fib pattern may form to give a 156 target.

Daily: neutral to mildly UP
AdStoK is certainly bullish although also overbought.
Should we see a pause or some mild profit taking, SPY could remain around 153 or find support around 150.
Likely range: 150 to 153 and 155.50 (July highs).
Considering the upward bias, the upper boundary of this range should be tested soon.

Weekly: neutral to mildly UP
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 RUT for Sep 21th '07

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

60mins: neutral to mildly DN, til support is found.
The major 812.50 resistance level has held despite the strong open on Sep 19th.
AdStoK and Entropy show signs of a weakening and a support must be found now (Swing is UP). One can be tempted to think 805 was the support yesterday, but AdStoK has a negative gradient, and one cannot discard 797 - 799 to be a stronger support.

Daily: neutral to mildly UP.
AdStoK is somewhat bullish but the line separation may indicate some increased 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: neutral to mildly UP
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.
Entropy might bottom up this week, so RUT could creep slowly to 843 over the next few weeks. At the same time, RUT may just as well follow another leading index like SPX.

Market Outlook NDX for Sep 21th '07

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

60mins: neutral to DN, til support is found.
NDX is still aiming at 2062 but there isn't much momentum left in the short term.
Entropy exhausted and even turned negative, and AdStoK also show a mild negative gradient.
For the time being, support has been found on 2031 but should there be more substantial profit taking, NDX could drop to 2016 or maybe even back to 2000 which is unlikely.

Daily: neutral to up.
Entropy is slightly weakening further indicating some difficulty going higher. AdStoK remains very bullish so there should not be any serious retracement going forward if any.

Weekly: ?
AdStoK does not quite seem to follow price action, and Entropy is very weak.
One should perhaps be cautious about a possible double top, but no panic just yet...
Note that in such (long term) case, PR1 is 1825, and the mid pivot is 1750.