Index Wrap
03:24:14 AM EDT | 08/26/2009
Test Index Wrap Access
By Jim Brown | TEST TEST TEST

Index Wrap
01:46:26 AM EDT | 07/12/2009
TestTestTestTestTestTestTestTestTestTest
By Jurijs Girtakovskis | TestTestTestTestTestTest

Index Wrap
00:04:40 AM EDT | 07/10/2009
index wrap
By Jurijs Girtakovskis | index wrap

Index Wrap
02:17:59 AM EDT | 07/07/2009
Index Wrap
By Jurijs Girtakovskis | Index Wrap

Index Wrap
Sunday, June 14, 2009 7:55:38 PM
Test Index Wrap Ver 1
By Jim Brown | Short-term support is now 1825 and resistance is 1900. The Russell-2000, not shown, is also in clear breakout mode over the January highs and the 200-day average. This suggests fund manager involvement and rising commitment

Index Wrap
Friday, June 12, 2009 12:37:39 AM
Index Wrap
By Jurijs Girtakovskis | Index Wrap

Sunday, May 3, 2009
Index Wrap
S&P testing resistance, Nasdaq rolls through
By Leigh Stevens | I don't know what is going to knock this market down but it seems unlikely to be 'bad' news unless it was really horrible and beyond any current imaginings. Really 'good' news might do it!

Saturday, April 25, 2009
Index Wrap
Toppy?
By Leigh Stevens | While all the major indices went to new weekly Closing highs and in the case of the market leading Nasdaq Composite (COMP) and Nas 100 (NDX), to new highs for the current advance, all are approaching some key resistances that could lead to a correction. A correction can be a sharp or shallow retracement, in the later case this tending more to a sideways move than sharply lower.

Saturday, April 18, 2009
Index Wrap
Rally Extends to Six Weeks
By Leigh Stevens | With the recent rally in the financial stocks the S&P 500 (SPX) is now within a hair's breath of piercing its Jan-Feb highs in the 875-878 area, thereby joining the Nasdaq in what has already been accomplished. This market continues to be overbought near to intermediate-term and bullish sentiment got to an extreme at the beginning of this past week, making it relatively high risk for initiating new bullish strategies.

Saturday, April 11, 2009
Index Wrap
Up, Up and Away
By Leigh Stevens | This past week, the bellwether Nasdaq 100 (NDX) 'confirmed' the major November-early March double bottom by AGAIN piercing its prior (early-Jan, early-Feb) highs, this time more decisively. Moreover, the upside price gap that occurred (i.e., the 'gap' between the Wednesday High and the Thursday Low) suggested accelerating upside momentum.

Saturday, April 4, 2009
Index Wrap
Correction Came, Correction Went
By Leigh Stevens | The market had the correction I was anticipating, but it was a 1-2 day affair, followed by a bullish rally above the prior highs of the major indexes. The bellwether Nasdaq 100 (NDX) 'confirmed' it's November-early March double bottom by piercing its prior (early-Jan, early-Feb) highs for two days running.

Saturday, March 28, 2009
Index Wrap
Due For a Correction
By Leigh Stevens | When I say that technically the major indexes are due for a correction, it doesn't mean a claim of certainty or that I know more than the market, but that in terms of probabilities based on past historical patterns, the odds of, for example, the Nasdaq 100 (NDX) going up another 100 points is considerably less than the index having a 100 point pullback from recent highs

Saturday, March 21, 2009
Index Wrap
Pick Your Spots
By Leigh Stevens | In this market you got to pick your spots and those are not going to be frequent. The last decent index trade was buying calls when the S&P and the Nasdaq got oversold and traders got overly bearish, and the recent best place to exit was when the main indexes got overbought and traders got overly bullish.

Saturday, March 14, 2009
Index Wrap
Dead Cat bounce or start of something?
By Leigh Stevens | The talk and question in my circle of trader-friends and from some subscribers has been whether this recent rally is the start of something more substantial than an oversold ('dead cat') bounce. Even if re-tested, major lows may be in place.

Saturday, March 7, 2009
Index Wrap
Unrelenting Bear
By Leigh Stevens | I'm not encouraged about the market making a significant bottom yet given my bearish sentiment indicator and therefore in terms of what options traders are actually DOING, versus saying. What they are not doing is fleeing into puts such that it creates at least a one extreme day in terms of bearish sentiment.

Saturday, February 28, 2009
Index Wrap
How Low Can We Go?
By Leigh Stevens | Recently I wrote about the tendency for the market to go from extreme to extreme. Now that the major indexes have broken under prior 12-month lows (except Nasdaq), a key question becomes how low can we go or how extreme could it get?

Saturday, February 21, 2009
Index Wrap
From Extreme to Extreme
By Leigh Stevens | On a technical basis the market typically goes from extreme to extreme in terms of certain key indicators, especially the overbought-oversold extremes measured by the Relative Strength Index (RSI) and in terms of bullish-bearish sentiment. So, it wasn't surprising to see the S&P get slammed to the extent that it's finally gone from overbought (1/6) to oversold.

Saturday, February 14, 2009
Index Wrap
This Market Needs a Stimulus!
By Leigh Stevens | Happy Valentine's Day and I hope you enjoy hearts and flowers because the market is not giving much here. The narrowing trading range makes for a strictly sideways trend in the S&P and Dow, although the Nasdaq 100 has a minor uptrend going currently but still faces a potent double top at 1286.

Saturday, February 7, 2009
Index Wrap
Breakout; Not Yet a Change in Trend
By Leigh Stevens | A primary reason that I continually adjust trendlines is so that they best reflect where piercing a down (or up) trendline would suggest a technical breakout (or breakdown). Friday saw a decisive upside breakout above the Sept-Jan down trendlines (and the key 21/55 day moving averages), suggesting a possible shift in the bearish trend, but not yet a change in trend.

Saturday, January 31, 2009
Index Wrap
Rally To Resistance, then STOP!
By Leigh Stevens | It looks like the S&P 500, which is the best gauge of the overall market currently, is still stuck in a trading range and unable to break out above its Sept-Jan down trendline where the recent rally STOPPED. For followers of the Dow Theory, this past week saw new closing weekly lows in the Dow Industrials and Dow Transports, 'negating' any bullish significance to their early-January move above late-November highs.

Saturday, January 24, 2009
Index Wrap
Market holding up ok, unlike economy
By Leigh Stevens | Not much changed technically in the past week as the market whipped back and forth but within a relatively narrow trading range; e.g., S&P 500 (SPX) 850 to 804. Meanwhile of course the economy is steadily deteriorating and you might wonder why the market isn't headed to new lows.

Saturday, January 17, 2009
Index Wrap
Betwixt and Between
By Leigh Stevens | Last week the S&P and Nasdaq major indexes had reached a juncture where intraday highs connected to an extension of the key down trendline on the daily charts and I could forecast a decline. The pullback in the past week ended in the area of recent prior lows, suggesting that key resistance AND key support areas are now apparent and prices hang between.

Saturday, January 10, 2009
Index Wrap
BACK TO THE DRAWING BOARD
By Leigh Stevens | One of the aspects of using technical analysis and analyzing charts in particular, is that you have to adjust and re-draw trendlines over time in order to get an accurate forecast of where prices are going. Given the recent pullback I was led to consider that recent highs may 'complete' (bearish) down trendlines, which negates the idea that the most recent rally constituted an upside breakout.

Saturday, January 3, 2009
Index Wrap
BREAKOUT
By Leigh Stevens | As this current advance continues to unfold, I started out in the first up leg, with a strong bullish outlook based on the falling wedge pattern which is (again) highlighted on my first chart, the S&P 500 (SPX). Going against the wisdom of going home with who you came to the party with, I then turned very cautious about the potential for the major indexes to break out above key resistances suggested by the 21 and especially the 55-day moving averages and by the top end of the August-November bearish downtrend channel.

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