The Monthly Bar shows that the trend is still down however, the S&Ps have found acceptance back within the 2-month balance - shown in the shaded area in chart above. Taking out the November highs at 1431.75 stops the 1-timeframing down on a monthly basis. There never was any real Excess at the Yearly Highs.
The Intermediate trend is clearly UP as the S&P's have 1-timeframed up for the last 3 weeks - See Chart Above. Notice also that the swing low at 1340.25 was almost a 10% correction off the yearly highs at 1468. As of Friday - we closed at 1416.00 which slightly above the center of this range. The Daily Chart below also shows the Balance Areas and the destination trade of 1432-33 area.
Lets look at the Profiles next - I am viewing the last 7 days as a Balance Area with the Balance Low at the 1397 area and major support at the 1392-93 level. 1391.75 is a single print from 11/28 profile. Friday's POC is very prominent and any opening away from it has good odds of being revisited. Thursday's low was poor, however we have 2 overnight highs (1422.25 and 1424) made in the Globex session that have note been tagged. Balance rules apply.
http://sentiment-trader.blogspot.com had good thoughts on the market and they have been dead on, they go back to bullish for the next few months.
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