60-day charts with a 20-period SBV are now showing a small decline in SBV Oscillator readings on the S&P 500, on the NASDAQ 100 and on the Russell 2000 indexes and flat readings on the DJI index. The following SBV values were recorded at session's end: plus 10% on the S&P 500, plus 4% on the DJI, minus 4% on the NASDAQ 100 and plus 17% on the Russell 2000. Declining SBV readings are bearish and suggest the possibility of a down-move. At the same time, SBV values are still at positive levels; we may thus see side-ways and positive trading action prior to any decline. We will continue to monitor this chart setting in order to determine at which point SBV oscillator readings push to the zero-line; 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 bullish longer-term market sentiment.
|S&P 500||1,873.77||28.07 (1.52%)||2,067,075,800||16.82|
|NASDAQ 100||3,719.93||51.56 (1.41%)||516,068,000||7.64|
|Russell 2000||1,208.52||32.21 (2.74%)||1,310,746,800||10.77|
In previous short-term outlook, we had suggested: "5-day charts (1 bar = 5 minutes) with a 20-period SBV are showing advancing SBV oscillator readings at session's end. Positive money flow on this chart would suggest the possibility of positive trading tomorrow after the market open. 15-day charts (1 bar = 15 minutes) with a SBV(16) and 30-day charts (1 bar = 30 minutes) with a SBV(13) are showing positive money flow (advancing SBV) as well. Overall, these charts are in favor of the bulls." -
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. All of this would suggest uncertain sentiment for tomorrow. Taking into account increase in volatility over the past two trading session and strong bullish volume on the Russell 2000 we would not expect any strong advances but rather we would wait for side-way trading with the possibility of a slide.
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