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Thursday, September 24, 2009

Topped out - Thursday Swing Signals, Trend Busters and Trend Leaders for Sept 24, 2009

This post is announcing that Thursday's Swing Signals, Trend Leaders and Trend Busters are now available at Alert HQ. All are based on daily data.

Today we have the following:
  • 96 Swing Signals -- 16 BUY signals and 80 SELL Signals.
  • 583 Trend Leaders, all in strong up-trends according to Aroon, MACD and DMI. We have 83 stocks that are new additions to the list and 545 that fell off the previous list.
  • 24 Trend Busters of which 12 are BUY signals and 12 are SELL signals.
The view from Alert HQ --

Last Thursday I said "OK, now I'm really worried." Our signals suggesting we were at or very close to a top. The last two days seem to confirm that.

Our Swing Signals had been skewing negative with SELL signals are outnumbering BUY signals. Today's results are similar but almost all the BUY signals are for inverse leveraged ETFs. There are a ton of SELL signals and they are spread across all kinds of sectors

Our list of Trend Leaders has been hanging at a level that was pretty close to historical highs. Today, the list got cut in half.

Our Trend Busters list looks a lot like the Swing Signals list with, again, most BUY signals coming from inverse leveraged ETFs.

Two days of losses have resulted in the S&P 500 being down roughly 2%. We now have an interesting setup on the chart below


In looking for support levels, it appears that Fibonacci lines fit the recent price pattern pretty well. You can see the first support level coming up quickly at $1039, but I suspect we'll get down around that 50% retracement line at $1027. I would be surprised if it went much below that level.

All in all, that would be a modest pullback, something that should be considered to be a healthy pause after such a strong run-up. The takeaway then is that if you are bullish, there is no reason to unload your positions and if you are bearish, this could be a short-lived opportunity so grab it while you can.

So keeping checking our site. We're finding plenty of opportunities and we post them three times a week.

Using our signals --

If you're a momentum trader, the Trend Leaders list is a good place to go shopping. If you practice technical analysis, check out the Trend Busters. And if you are a short-term trader or even a day trader, our Swing Signals may provide some good trading ideas.

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