Market Snapshot for RUT - Mar 28th 2008

cf. SPY post below for guidance. RUT, SPY and NDX are highly correlated, so the above snapshot is given to adapt Fib and MM levels to this particular symbol.

Market Snapshot for NDX - Mar 28th 2008

cf. SPY post below for guidance. SPY, NDX and RUT are highly correlated, so the above snapshot is given to adapt Fib and MM levels to this particular symbol.

Market Outlook SPY for Mar 28th '08

Dominant TF: Weekly followed by 60mins.
Swings: DN-DN-DN
Cycles: peak indeed and slightly better signal to noise ratio
Market Direction: price erosion
Position: Bears would be flat or short, bulls would be flat, and all others would have a iron condor in place (adjusted for a slightly negative delta though).

My apologies again for yesterday's mishap...
Last post was again correct (see 60mins), and again no recovery in sight...

60mins: price erosion
SPY almost hit the 1st Fib target around current highs, but showed no energy to go higher. We're still in a bearish environment (Swings:DN-DN-DN) so we'll need a good looking MTFS pattern to have a convincing recovery.
We shall now look for support on Fib and MM levels. MTFS lines all show some negative gradient, so SPY could pull back to the MM pivot level or lower. It could however go higher later on.

Daily: no recovery potential just yet
MTFS shows a 2nd attempt of a recovery after lines crossed over. The 1st failed, and this 2nd should too, although higher lows indicate congestion rather than a further fall. SPY may even manage to creep up again later on (recoveries often take 2 or 3 attempts).
For the time being, same trading range in sight, with a likely support around 131.

Weekly: no change
The bounce we saw will probably not materialise into a significant recovery just yet. MTFS is still bearish, and again only Entropy may indicate the fall could be over. We again need some patience to see negative pressure dissipating over time.