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Monday, January 09, 2012
Market Stage:From our previous report: "Advancing SBV readings are bullish and suggest the possibility of a up-move." - Today, the major indexes had a modest advance.
60-day charts with a 20-period SBV are now showing flat SBV Oscillator readings on the S&P 500 and on the NASDAQ 100 indexes and a small advance in readings on the DJI and on the Russell 2000 indexes. The following SBV values were recorded at session's end: plus 5% on the S&P 500, plus 4% on the DJI, plus 25% on the NASDAQ 100 and plus 12% on the Russell 2000. Flat SBV readings suggest possibility of changes in trend, however, SBV readings are at high positive levels. Furthermore the odds are on the bullish side. We will continue to monitor this chart setting in order to determine at which point SBV oscillator readings start to decline; this might then suggest increased odds for a coming move to the downside.
1.5-year charts with a 10-period SBV are showing flat SBV oscillator readings. The positive SBV values seen on this chart are bullish. Overall, this chart reflects longer-term bullish market sentiment. Market Performance: | Last | Change | Volume | A/D Ratio | | S&P 500 | 1,280.63 | 2.79 (0.22%) | 2,486,744,600 | 1.78 | | DJI | 12,392.54 | 32.09 (0.26%) | 696,047,000 | 3.29 | | NASDAQ 100 | 2,350.64 | -5.53 (-0.23%) | 580,532,400 | 1.32 | | Russell 2000 | 753.43 | 3.75 (0.50%) | 856,520,100 | 1.31 | | NYSE Comp. | 7,583.90 | 26.29 (0.35%) | 3,022,460,700 | 1.83 |
The broad market advanced modestly today. The Russell 2000 outperformed other indexes by climbing up 0.50% while the NASDAQ 100 lost 0.23%. Of the last 16 sessions, the S&P 500 has closed green 12 times. The Russell 2000 are now up on 11 of the last 16 sessions as well. The Russell 2000 made a new one-year high today.
2,487 million shares traded on the S&P 500 today. This is 13% less than the average volume we saw on a daily basis during the past 3 months.Short-Term Outlook:In previous short-term outlook, we had suggested: "30-day charts (1 bar = 30 minutes) with a 13-period SBV are showing flat SBV readings at this moment. This would suggest uncertain sentiment on this charts. " - Today, the major indexes traded mostly sideways but then closed up with modest advances.
15-day charts (1 bar = 15 minutes) with a 16-period SBV are showing flat SBV readings. 30-day charts (1 bar = 30 minutes) with a 13-period SBV are showing flat SBV readings as well. We may see some negative money flow signs on the Nasdaq 100 charts, yet, S&P 500, Russell 2000 and DJI charts continue to show side-way money flow readings close to the centre (zero) line which would suggest uncertain sentiment. Still, taking into account big bullish volume accumulation on the higher time-frames (60-day charts) we would assume that the odds are slightly on the side of the Bears, yet, it would be nice to see decline in money flow (SBV Oscillator) readings on the 30-day charts as a confirmation of that. Financial Press Overview:From Reuters: Consumer credit surged in November by the most since October 2001, rising 10.0 percent on higher credit card debt and more student loans doled out by the government , a Federal Reserve report showed on Monday.
The Federal Reserve cannot rule out additional monetary easing even if steady growth and "acceptable" inflation make it harder to justify fresh action, a top Fed official said on Monday.
Home prices fell for a fourth straight month in November as distressed sales continued to weigh on prices, data analysis firm CoreLogic said on Monday.
Another 26,877 Homeowners won permanent reductions in their mortgages in November under the Obama administration's main foreclosure prevention program but the housing market remains fragile, a report on Monday said.
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