Tuesday, March 16, 2010

Morning Post

Three charts.

Daily Indicator chart - Top should be coming soon as indicators are topping and some turning. NYMO might have turned. SPXA50 is over 400. Bottom line is this chart is screaming overbought. I do not like some of the divergences breaking down nor the lack of near term divergences under the larger ones. 
SPX weekly - Very toppy as well. Still looking for MACD hist to go positive. F Sto is considering a bear cross, but S Sto is not quite yet.
CPC - I have held off bringing you this chart because the way I see it is more bullish than not. The question is, is this the change over period between trends (see pink box between P1 and P2) where it is not as reliable as during the trend? It nailed the last sell and buy call, but sadly for the bears this chart says more upside to come.The Red 20ma may have to extend down to the black dashed line before we get into a sell situation. I'll being this chart out more often if it remains relevant.
Bottom line is the market can turn on a dime at any moment. I'm expecting to call a definitive top this time. Sadly with all the liquidity, they can churn it out as long as they want. The 30 and 60m indicators are both now headed north and while they provided a lot of excitement it was all for nothing (and thus I watch them, but give them little cred for bigger moves).

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