The State of the Trend

By: George Krum | Sun, Jun 19, 2011
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Opex week did little to change the outlook going forward.

The daily trend continues to be down, and 1250 is still a valid target.

The daily trend continues to be down
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Looking at the weekly chart, the failed backtest of the trendline extending from the August 2010 low does not bode well. 1240 remains the key level that needs to hold in order for the weekly uptrend to stay alive.

weekly chart
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On the monthly chart, the SP500 finds itself at a critical juncture as well. The downward projections remain 990, 839, and 600.

SP500 monthly chart
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The Channel chart shows the long/short odds as evenly matched. Given the close proximity of key support levels, it seems best to exercise a little more patience, and let the market tip its hand.

Channel chart
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George Krum

Author: George Krum

George Krum
www.citdates.blogspot.com

George Krum is the author of the "CIT Dates" blog, and the following apps:

OddsTrader - combines the power of Hurst Channels with proper risk and position size management. For a web version see OT Signals below.

Gann 9 - the only financial app that allows users to effortlessly apply the legendary W.D. Gann's tools and methods for trading (including the Square of 9).

OT Trend - helps you quantify and forecast the seemingly random ebb and flow of stock, index or mutual fund movement.

OT Fibonacci - automates the process of applying Fibonacci numbers, ratios and time series to any security.

OT Seasonal - allows you to perform seasonal analysis on practically any security from around the world, and to build long-term forecasts and models.

OT Pairs - pairs trading, one of the most successful hedge fund trading strategies, is now available on your smart phone.

OT Pivots - combines the power of pivot lines with cycles to provide you with concise technical analysis and powerful trading signals.

OT Signals - a web app accessible from any browser, tablet or pc. It gives buy/sell/hold ratings for any instrument from around the world, and defines the trend and support/resistance levels.

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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/