TREND INDICATOR MOMENTUM INDICATOR COMMENT (Click link to see chart)
Long-term 3 of 3 are BUY    
Intermediate 3 of 3 are BUY

4 of 6 are OVERBOUGHT

 SPY ST Model is in buy mode
Short-term 1 of 1 are BUY

6 of 6 are neutral

  
BULLISH 4.1.0 S&P 500 Large Cap Index (Weekly):  H&S Bottom text book target is 1246.
BEARISH

3.0.0 10Y T-Bill Yield: Top in a month?
8.1.0 Normalized NYTV: Topped?
4.0.4 Dow Theory: Averages Must Confirm: Multiple resistances and breadth very overbought.
1.0.2 S&P 500 SPDRs (SPY 60 min): 15 unfilled gaps. 
0.0.3 SPX Intermediate-term Trading Signals: CPC and CPCE MA10 are too low.
2.3.4 Nasdaq Total Volume/NYSE Total Volume: Topped?
01/14 Market Recap: II and AAII survey show extremely high bull to bear ratio.
0.0.8 SPX:CPCE: *Top signal confirmed?
01/15 Market Recap: Climax Buying?
CONCLUSION

All the intermediate trend signals are up so no doubt the trend is up. But the bearish signs presented above are enough to raise a caution flag, so it maybe prudent to reduce some long positions.
SPY SETUP ENTRY DATE STOP LOSS INSTRUCTION: Mechanic signals, back test is HERE, signals are HERE.)
TRADING VEHICLE: SSO/SDS, UPRO/SPXU
ST Model 12/21 L *01/05 Low *Adjust stop loss.
Reversal Bar    

NYMO Sell

 
OTHER ETFs COMMENT – *New update, they may not be mentioned in the report. Click links to see more details.
IWM & QQQQ

8.2.9a QQQQ – 2009  - 8.2.9h QQQQ – 2002: Seasonality is bearish until the end of January.

EMERGING 1.4.2 iShares MSCI Emerging Markets (EEM 30 min): Bullish Falling Wedge?
FINANCIALS 3.5.0 Financials Select Sector SPDR (XLF Daily): Could be a Bull Flag in the forming.
REITS 3.6.1 Real Estate iShares (IYR 30 min): *H&S Bottom breakout, target 47.38.
OIL & ENERGY
GOLD
DOLLAR 3.1.0 US Dollar Index Bullish Fund (UUP Daily): *Filled black bar, could pullback.
BOND 3.0.0 10Y T-Bill Yield: Could be a Bull Flag. So yield could rise while bond should fall.

INTERMEDIATE-TERM: LITTLE CRACK ON SOX AND TRAN BUT OVERALL IS OK

No update, keep eye on 4.0.3 Primary and Secondary Indices Divergence Watch, a little bit non confirmation on SOX and TRAN but not big enough to be a concern.

PrimaySecondaryWatch

SHORT-TERM: A NEW CONSOLIDATION RANGE FORMED, DIRECTION IS UNKNOWN

No clear direction for the short-term. 0.0.3 SPX Intermediate-term Trading Signals, a small new consolidation pattern is formed, the breakout direction is unknown.

SPXMidTerm

0.0.8 SPX:CPCE, hold trend line for the 2nd day so theoretically at least a short-term top is confirmed. Well, I’m not sure if we can trust this signal, let’s see tomorrow.

SPXvsCPCE

1.0.9 SPX Cycle Watch (60 min), looks like a cycle top too, if some extra bars delay are allowed. I’m not sure too. Again, let’s see tomorrow.

 SPXCycle60min

INTERESTING CHARTS: NONE