SPY had pushed through that level last week, using it as a reversal-upward level. Today, that's all changed, and $115.14 is a reversal-downward level. Once so far SPY tested that level, but fell 3¢ short of attaining it.
Treasury long-term bonds (TLT) continue to trade narrowly in the upper half of Friday's range.
Abbreviations: psar - Parabolic Stop and Reverse, adx - Average Directional Index, pps - Person's Proprietary Signal, ma20 - 20-day moving average, macd - Moving Average Convergence-Divergence, mfi - Money Flow Index, sto - Fast Stochastic
The market as a whole seemed to be marking time until the American economy's central money authority, the Federal Open Market Committee, makes an announcement at 2:15 p.m. Eastern on Tuesday.
The chairman, Ben Bernanke, has noted that the Fed will eventually need to raise interest rates again from the present 0%(!) to 0.25%. That's not a shocking statement by any means. Of course the economy recovers, interest rates will go up and bond prices come down. But the very fact that he said suggests that the Fed might act sooner rather than alter. Unless it doesn't, of course.
Two indicators are on the move today.
Oil (USO) is trading 1.9% below Friday's close. The fund showed a psar bear signal on Friday, and today is showing a new pps bear signal. The macd also moved into bear territory, and the sto has dropped into the oversold zone. The sto movement won't become a bull signal until it retraces up into the neutral zone. The developing countries etf, EEM, is trading 1.2% below Friday's close and is showing a new pps bear signal. The psar remains in bull mode, as does the macd, although the macd is declining for a third straight day. The sto today dropped below the overbought line into the neutral zone, a bearish sign. The watchlist: Psar bull signal: | New this week, from the author of Liar's Poker, a look inside the Doomsday Machine. |
- *AOD, analysis. At $9.13. Next resistance at $9.20.
- EWT, analysis. Gapped down and is trading at $12.12, down 0.2% from theoretical entry. The advance warning was a decline of the macd while in bull terriotry. This signal is a WASH.
- GBP/USD, analysis. Trading at 1.5050. No breakout.
- GE, analysis. At $17.21. Next reversal at $17.52.
- GME, analysis. In my holdings declined past a couple of reversal points, and I sold. It then, of course, retraced upward and is trading at $19.30. I'll keep it on the watchlist and declare no breakout.
- INTC, analysis 1 2. At $21.12. Next resistance at $21.55.
- KFT, analysis. No breakout.
- SD, analysis. No breakout.
- USD/JPY, analysis. At ¥90.48, below the very near-term reversal mark but it's not yet a breakdown. The signalers are still bullish and I'm not closing yet.
- GLD, analysis. At $108.35. Next reversal mark at $106.60.
- *WFC, analysis. At $29.65. Next reversal mark at $29.94, and after than a reversal level set in October 2008, at around $30. It's a pretty congested region and will be difficult to overcome.
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Topics:
Alpine Total Dynamic Dividend fund, Taiwan, gold, Intel semiconductors bum-bum-bum-buh, Kraft Foods, Sandridge Energy natural gas, Wells Fargo bank financial, Forex, U.S. dollar, Japanese yen, British pound, U.K.
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