The State of the Trend

By: George Krum | Tue, Jul 5, 2011
Print Email

Two weeks ago the prevailing sentiment was decidedly bearish, but given the close proximity of key support levels, the advice was to exercise patience and let the market tip its hand. And to the surprise of all those who saw the sky falling, the SP500 gained 5.6% in one short week.

Now, all of a sudden, sentiment is all bullish and the sky is the limit.

And maybe for a good reason, at least for awhile.

All three timeframes, daily, weekly and monthly, show that the uptrend is intact:


Larger Image


Larger Image


Larger Image

The Q's registered an even better performance, advancing 6.5%, and I'll switch over to them for further guidance. As the monthly chart below shows, QQQ is bumping against strong channel resistance at 59-60. A break above that level will send a strong message that the SP500 rally has indeed more upside left.


Larger Image

 


 

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 available from iTunes:

OddsTrader - uses the power of Hurst Channels to produce price and time targets, and combines them with proper risk and position size management.

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 - is the first mobile app that gives users access to one of the most profitable and time tested hedge fund trading strategies.

OT Pivots - combines the power of Pivot lines with cycles and automatic signal generation.

Gann 9 - is 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).

Copyright © 2011-2014 George Krum

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com

SEARCH





TRUE MONEY SUPPLY

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