Things I'm keying on at the moment:
Bulls:
1. A close back over the 200 SMA
2. The 13 and 34 EMAs back above the 50 SMA
3. A potential inverted head and shoulders in the works.
4. Weekly MACD Histograms turning up along with it's signal line.
5. A possible pattern repeating similar to Mar 2009 and Feb 2010
Bear:
1. Volume is still lacking on the rallies (But does it really matter? Since early July the market has moved 10%. Volume or no volume, the market is higher by 10%).
2. Bear counts still are valid
SPX 15 MIN
Looks like minuette (iii) is in the works here.
This represents the larger view of the 15 min chart above.
A close above the 200 SMA. The 13 EMA over the 34 EMA and both over the 50 SMA.
Any pullback may find support down at these levels near 1085?
SPX DAILY- RECURRING INVERTED H/S?
Three similar looking inverted head and shoulders patterns. The first in March 2009, the second in Feb 2010 and now the third in the works.
The market has remained in the channel and recaptured the 25% channel. The 50% is in blue above and targets a minimum of 1150.
The signal line on the weekly is turning up and the histograms sloping positive. This may correspond with a spike to new highs.
I posted this one a while back. The same for the RUT below.
I'm not loving this count as much but it is still valid. The other option is the leading diagonal down to 1010 and the rally up is a wave 2 towards 1150-1170.
