InformedTrades - View Single Post - Marketclub Review and Trading Diary by David Waring

David Waring · 10-22-2008, 02:23 PM

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Ok so far we have analyzed both the gold and oil etf's using the Marketclub analytical package. In today's post we are going to look at the S&P 500.

As always, we start with the weekly chart to identify the long term trend in the market. As you can see from the below chart we are in a downtrend as indicated by the red trade triangle issued on the 4th of September at 125.35. While the fact that the trade triangle was issued about a month and a half ago and at a price that is significantly higher than today's price is not going to necessarily keep me out of a trade, it is something that I am going to keep in mind as I go through the rest of my analysis.

SPY Weekly Trade Triangles

Next we look at the daily chart and we can see that there was also a red trade triangle issued today at 91.65. Another thing that is clear on this chart however, is that I need to be careful about ranging market conditions. As you can see from the first half of the chart and the last 10 days or so, when the market is not trending the daily trade triangles are going to chop me up quite a bit.

SPY Daily Trade Triangles

Next I am going to look at the Smartscan score which as you can see in the image below is at -100 indicating a strong downtrend. This also of course means that my 4th and 5th triangles are red which meets my requirement for a short trade.

Smartscan Score

The last step here is going to be to take a look at the charts and see what my discretionary analysis tells me which will be the topic of my next post so I hope to see you then. As always if there are any questions or comments please leave them in the comments section below, and good luck with your trading!

Best Regards,
Dave

10-22-2008, 02:23 PM	#6 (permalink)
David Waring InformedTrades Founder Community Host Badges About Assets Total Awards: 4 Join Date: Nov 2007 Location: Miami, FL Posts: 5,633 InformedPoints: 0.13	Analyzing the S&P 500 with Marketclub Free Marketclub Trend Analysis Enter any ticker symbol you would like and have it analyzed daily by Marketclub's Trade Triangle Technology free of charge. Sign Up For Marketclub Full Access Get access to the trade triangles and smartscan score for all 230,000 symbols they cover for $150 a quarter. Cancel within 30 days and you will not be charged. David's Marketclub Diary Introduction Video If you are new to my Marketclub Diary visit this link for an overview of how the Marketclub software works, and how I am using it to place trades. * Ok so far we have analyzed both the gold and oil etf's using the Marketclub analytical package. In today's post we are going to look at the S&P 500. As always, we start with the weekly chart to identify the long term trend in the market. As you can see from the below chart we are in a downtrend as indicated by the red trade triangle issued on the 4th of September at 125.35. While the fact that the trade triangle was issued about a month and a half ago and at a price that is significantly higher than today's price is not going to necessarily keep me out of a trade, it is something that I am going to keep in mind as I go through the rest of my analysis. SPY Weekly Trade Triangles Next we look at the daily chart and we can see that there was also a red trade triangle issued today at 91.65. Another thing that is clear on this chart however, is that I need to be careful about ranging market conditions. As you can see from the first half of the chart and the last 10 days or so, when the market is not trending the daily trade triangles are going to chop me up quite a bit. SPY Daily Trade Triangles Next I am going to look at the Smartscan score which as you can see in the image below is at -100 indicating a strong downtrend. This also of course means that my 4th and 5th triangles are red which meets my requirement for a short trade. Smartscan Score** The last step here is going to be to take a look at the charts and see what my discretionary analysis tells me which will be the topic of my next post so I hope to see you then. As always if there are any questions or comments please leave them in the comments section below, and good luck with your trading! Best Regards, Dave __________________ My Free Courses: Forex Course - Stock Course - Futures Course - Basics of Trading - Subprime Crisis - Prorealtime Charts Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.