S&P Futures Update for Feb 14, 2013

 

All trends remain UP. The monthly bar shows a breakout at the 1461.75 level which is now support. The Weekly bar shows a breakout above a 2-week balance. The top of the weekly Balance is 1515. The first sign of change will be acceptance below this level. If price does find acceptance back within this 2-week balance the destination becomes the bottom of the balance which is 1490.25.

 

The S&P's traded above the all time high at 1519.50 (on an adjusted basis) and sold off. While Value was overlapping to higher, price settled back within the center of the range and relatively unchanged from yesterday. I see a 2 day balance going into tomorrow. Short term support is 1411. Building lower Value and find acceptance below 1411 stops the 1-time framing up on a daily basis and puts us back within the prior 2 week Balance. If this occurs we may have a excess high at 1522 which increases the odds of a correction.

S&P Futures Update for Feb 8, 2012

The Monthly Trend is UP. The Weekly trend is Balancing as shown in the graphic above. All auctions usually come into balance before resuming the current trend or reversing. The daily bar shows a 10 day Balance with no Excess at the highs. Any breakout may be pretty dynamic if and when it occurs.




I have not included any profiles because they don't add much to my analysis. While Value was overlapping to lower, we closed near the highs. We now have 3 settle's (Close) within a couple of ticks of each other. The market wants to move higher but is struggling. A short term correction will be healthy. The first sign of change will be price acceptance below the 1490 level. Lets see what tomorrow brings.