Sunday, July 24, 2011

Short-Term Outlook

Finally arrived at this Island destination of Nevis, and getting ready for some quality scuba diving in this beautiful Island. Traveling while trading and scuba diving around the world continues, paid for by trading profits.

Market Outlook :

The broad market ended flat to slightly higher today. The NASDAQ 100 outperformed other indexes by climbing up 1.05% while the DJI lost 0.35%.

Of the last 8 sessions, the S&P 500 has closed green 5 times. The DJI is also down on 7 of the last 11 sessions. On the NASDAQ 100, we saw the 5th up-close in the last 8 sessions. The Russell 2000 are now up on 5 of the last 8 sessions as well.

The NASDAQ 100 pushed to new ten-year high today ( Friday ). The Russell 2000 made a new two-week high today.

The NASDAQ 100 index climbed 1.05% (resulting in a weekly gain of 3.09%). The S&P 500 rose 0.08% (resulting in a weekly advance of 2.18%). The Dow lossed 0.35% (bringing its weekly gain to 1.61%).

The day ended with a daily volume of 2,461 million shares on the S&P 500. This volume was 10% less than the daily volume average of the past 3 months.

Positive money flow  would suggest the possibility of positive trading Monday after the market opens. On the other hand, 15 minutes charts are showing declining money flow which would favor the Bears. Outlook on the 30-day charts is mixed at this moment: positive money flow on the Nasdaq 100 and Russell 2000, neutral money flow on the S&P 500 and negative money flow on the DJI.

I would say that there are some odds of  positive trading on Monday at the market open. However, overall outlook for Monday could be considered slightly in favor of bears - mainly because of negative money flow on the 15-day charts and strong bullish proprietary output during the yesterday's advance.

Those of you that follow this Blog and Twitter : ' Eagledives ' , are aware of my current Long position from 1261.75 initiated on June 17 when posted in Twitter : " My advancing Issues oscillators are oversold and are showing bullish divergences. Sentiment is very bearish. A sustained swing up above the 1400 level will be the next significant development." My subscriber were told to stay Long. That position is now UP + 86 Points in profit. There were other important clues given in Twitter : ' Eagledives '.

See You at the Beach.

No comments:

Post a Comment