Market Outlook RUT for Sep 24th '07

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

60mins: neutral to mildly Down.
The major 812.50 resistance level is key to future movement. In short time frames, it has worked as new support.
AdStoK and Entropy show signs of a weakening so we could see some hovering at these levels, but it is likely that a lower support must be found. 812 may hold, otherwise 805 or 797-799 will provide a stronger foundation to go higher.

Daily: neutral to mildly UP.
AdStoK is somewhat bullish but the pattern while getting clearer is not the easiest to read. The significance level is low at this time frame, so one should maybe just not read too much into it.
One has to first wait how RUT behaves around this key 812 level.

Weekly: neutral to mildly UP
The Swing indicator has just turned UP, and Entropy shows signs of bottoming up, so RUT could creep slowly to 843 over the next few weeks. There could however be some hesitation around this key level. One should take cues from the 60mins chart in the short term.

Market Outlook NDX for Sep 24th '07

Dominant TF: 60mins & Daily
Swings: DN-UP-UP
Market direction: mildly UP until resistance is truly tested.

60mins: neutral to UP.
NDX is still aiming at 2062 but has difficulties getting there.
We can however confirm a support on 2031, so NDX should carry on testing highs, or remain in the higher part of the same 2030 - 2060 trading range.
Strange enough, the Swing indicator is still Down, indicating a possible congestion.

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.
We however have to be cautious ahead of an importance resistance level.

Weekly: UP ?
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, Fib PR1 is 1825, and the mid pivot (Fib + MM) is 1750.

Market Outlook MID for Sep 24th '07

NOTE: MID patterns are too correlated to RUT to warrant a separate analysis. MID charts will therefore no longer be posted.

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 and the pattern is slowly getting clearer. We can now anticipate a slow bumpy up move until lines cross.
Probable range: 875 to 906, to ... 937.50. However 937 is unlikely in the short to mid term.

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 24th '07

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

60mins: neutral to mildly DN
AdStoK and Entropy Entropy both show some slowing, indicating 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 (the AdStoK pattern is fairly clear, until the Green Line joins the White Line at least).

Weekly: neutral to mildly UP
The Swing indicator has turned UP and the chart certainly looks more bullish, but one has to first see what will happen when July highs are truly tested...