Charts To Watch - Published Sunday, March 17, 2013 9:40 PM ET

Futures are off sharply tonight.

You may find the following interesting.

** Trader's Tips STU **
 
Short Term Update 03/15

The market has pushed even higher, forcing a revision on the Elliott Wave count, as the earlier suggested Diagonal Triangle pattern is now a less likely scenario. The price structure from the November 2012 low is now best interpreted as a five wave impulse pattern, completing wave c, as part of a complex wave Z pattern, developing from the October 2011 bottom.

The wave 5 of this c may have already ended, given the spike in selling Volume Friday. But a look at Volatility - VIX daily shows it could even go for a test of the important 2006 low, if the Spring 2007 low fails to hold next week, opening up for even higher stock market prices.

The S&P 500 has followed the L2 DGL resistance higher, on fading momentum in both daily and weekly time frames, reflecting exhaustion in this advance. The next bearish crossover in the NYSE Summation Index trend indicator, would be increased evidence of a top in place, of minimum short term degree.

Sentiment (chart below) readings are now close to the extreme levels observed in 2009, 2010, 2011 and 2012, a fairly stiff resistance area, flashing a warning about a significant market reversal coming.

S&P 100 BPI (Bullish Percent Index) daily Sentiment

The 20Y T-Bond ETF TLT weekly is stair stepping lower, forming a Triangle pattern it seems. The directional breakout from this Triangle, would set the tone for this market, for some time thereafter.

The Neural Net System (Re-trained 10/26) is still Long on the OEX weekly market.

Below is also a S&P 500 Neural Net forecast for the next trading week, chart courtesy of chartsedge.com Please, be aware that inversions can occur in these NN forecasts, like in the Bradley indicator. It should be used with other indicators.














 

 
Neural Net Forecast courtesy chartsedge.com

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