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| Wednesday, April 18, 2007 |
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Weekend Update- SPX, COMPQ, HGX, & TRAN
The S&P 500 Large Cap Index (SPX) - Hourly chart
The SPX has completed it's wave (3) to (4) pullback. Wave (4) is being put in and the SPX is beginning to reverse higher. It still looks like the SPX has another leg up to put in wave (5). However, the SPX could dip further to the uptrend line around 1280. The stochastics on the hourly chart are reversing up as is the PPO. Stick with the bullish trend. I recommend that you continue to stick with chart patterns that can go up regardless of market conditions.
The Nasdaq Composite (COMPQ)- Hourly Chart
As you can see by looking at the chart, the COMPQ is in the process of a subwave (3) to wave (4) pullback. It still looks like the COMPQ has another leg up to put in wave (5). The stochastics on the hourly chart are oversold and reversing up as is the PPO. Higher prices are ahead. I think it would be more bullish if the COMPQ could pullback and fill the gap. However, that may or may not happen.
The Housing Index - Philadelphia (HGX) - Hourly Chart
Along with the SPX and COMPQ we have the HGX also putting in a wave (3) to wave (4) pullback. The stochastics on the hourly chart are oversold and reversing up as is the PPO. Furthermore, the RSI has no bearish divergence.
The Dow Jones Transportation Average (TRAN)- Daily Chart
The TRAN is in a reverse symmetrical triangle pattern. Medium term this is a bearish chart. Indicators and oscillators are bearish, but working on a bullish trend reversal. I am still neutral however, because I am still waiting on the TRAN to catch up with the SPX.
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