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Market Oracle FREE Newsletter

Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Stock Market Bumping Into Resistance

Stock-Markets / Stock Index Trading Aug 16, 2009 - 11:18 AM GMT

By: Angelo_Campione

Stock-Markets

Best Financial Markets Analysis ArticleThe market seems to be forming a tight sideways channel in which we are bumping up against resistance. If we are hitting up against resistance, where is support? In looking at the chart below, one could say that the support level is back around the 94 level (or even the 87 level). Where do I think the market is going?


This last week forming a doji is an interesting happening in my mind. I think we will see a bit more to the downside. Yes, I am calling for an end to the rally after only five weeks. Now, I am not saying I expect to see a huge pullback or reversal. What I am saying is that I think we are more likely to see some selling with a continuation sideways. After a few weeks of sideways to slightly down action, I expect to see another very nice advance - possibly even back up to the 135 level.

I know, after reading that, you probably think we will adjust our positions and remove some weighting. Not at this time. All of my indicators are still pointing bullish, so we are going to stay fully bullish.

No new position (see weighting below).



Current Weighting Suggestion:

3/3 in Bullish Leverage

Long Term Investor Buy Signal Alert

Over the past several years, this indicator has predicted several 100-point or more moves in the S&P. There are only 2 to 3 of these signals every year, so they're worth paying attention to. This is an ideal signal for investors to put cash to work following a down move in the market.

A Long Term Investor Buy Signal Alert was issued March 18, 2009. Over the past 4 months, the SPX has moved up around 235 points.

Past Long Term Investor Buy Signals

October 29, 2008 - resulted in an advance of 76 points over 4 days.
July 23, 2008 - resulted in an advance of 34 points over 3 weeks.

Long Term Investor Crash Warning Indicator
This indicator is a variation of the widely published Hindenburg Omen. We'll let you know when we're seeing indications of a potential crash to come. This would be a good time for long term investors to take some money off the table.

This indicator is not coming into play at this point in time.

You can email me with any questions at plus@stockbarometer.com.

Have a great week!

Lynn

To learn more about my Partial Leverage Utilization System, click here. This service is available for $21.95/month or $209/year. To try my service, click here.

Important Disclosure
Futures, Options, Mutual Fund, ETF and Equity trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to buy/sell Futures, Options, Mutual Funds or Equities. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this Web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
Performance results are hypothetical. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as a lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
Investment Research Group and all individuals affiliated with Investment Research Group assume no responsibilities for your trading and investment results.
Investment Research Group (IRG), as a publisher of a financial newsletter of general and regular circulation, cannot tender individual investment advice. Only a registered broker or investment adviser may advise you individually on the suitability and performance of your portfolio or specific investments.
In making any investment decision, you will rely solely on your own review and examination of the fact and records relating to such investments. Past performance of our recommendations is not an indication of future performance. The publisher shall have no liability of whatever nature in respect of any claims, damages, loss, or expense arising out of or in connection with the reliance by you on the contents of our Web site, any promotion, published material, alert, or update.
For a complete understanding of the risks associated with trading, see our Risk Disclosure.

© 2009 Copyright Lynn - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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