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Michael Pitre Rank: 20 Followers: 60 Votes: 98 Years Member: 7 Last Update: 19 May 2013, 21:38 Categories: Market Timing
ETFs
Trend Analysis

etfmaintrends.com

Friday PM...Very solid week for the market as the bull continues to run.
Today the market got leadership from areas that should be leading in
a strong bull market...financials (+1.4%), energy (+1.6), industrials (+1.4%),
materials (+1.2%), and technology (+1.2%). The SPX broke out of an
ascending triangle seen on the 60 min chart...chart 5 below. Good
economic news helped today as consumer sentiment easily exceeded
expectation as the University of Michigan consumer sentiment report
for May came in at 83.7 versus 76.4 in the prior month. The SPX finished
the week up 2.0%. I have posted some charts and articles at my site which
I think you will find interesting...will try to post some more over the weekend.
The money flow into the market is very strong right now. This is one of
the strongest moves in the market in many years. Short covering is helping fuel
things as those expecting a decline are getting hammered hard. Take a
look at chart number 1 below. Looks very positive and this is something
to keep in mind as we move forward. Visit etfmaintrends.com for more..link on
the left under my name. Have a great weekend!


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Friday AM...See the hourly chart below...5th chart down...we have hit the
measured move for the cup and handle pattern. This does not mean we
go lower just that it is not unusual to have a consolidation at this level.
Whether or not we sell some from here remains to be seen. I have the
support levels marked on the chart. Also I have posted some charts that
may be of interest to you at etfmaintrends.com...link on the left.

Thursday PM...Today's economic reports were mainly negative and the market
did see a mild sell off late in the afternoon. There were a lot of bearish Harami
Candles today but they need another red candle tomorrow for confirmation. This