July 24: The S&P500 and FOREX EUR/USD Update.
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S&P500 Analysis: -Daily -Weekly -Monthly -Template -Formulas -Real-Time - HOME
Please look at all charts, monthly, weekly and daily before making your own conclusion. You can find HERE a description of the chart template used.
07/24/2010
After a short term correction the previous week the index continued the up move.
Price broke out of the downward pitchfork and Friday the closing price broke the downtrend line. Short term we can expect resistance from the 200 and 100-days moving average and the 50% retracement level.
I think this will at least slow down the up move. There is however still some room in the indicators for a further up move. I expect a higher index the following days.
Both the manual and the SATS2 automatic long trades are open.
I am using a slightly faster SATS2 now on the daily chart. I am also working on a new SATS5 system expert. First results look good with higher and more reliable profit rates than SATS2. If all is ready we will be using this expert in the future. SATS5 works fine even in very small time frames like 1 minute on the Emini future and Forex EUR/USD. More later on...
For FOREX traders, here I keep FOREX EUR/USD updated charts.
Elliott wave count:
Looking at the Elliott count, we may be finishing correction wave [2], now followed by a long term wave [3] up. This looks like a very optimistic long term view, most probably to good to be true! Another possibility is that the index finished a medium term correction wave (A) down and we expect next the medium term correction wave (B) up. Next followed by the wave (C) down, with an index remaining between 950-900 for the construction of the correction wave [2] at a lower point. However, since a single impulse wave ({1} to {5}) is normally not the end of a correction wave, there is a third possibility: we completed a long term correction wave [B] up and the index started are long term down move for correction wave [C]. This would be the worst case scenario with an index target below 650.
Pitchfork:
The index has broken the upper side of the pitchfork.
Fibonacci:
Price will in first instance probably retrace to the 50% level which is close to the 50-day average.
Support/Resistance:
There is support at 1040 and 1010. There is resistance at 1130.
Indicators:
All indicators turned and are moving up again.
SVE_ARSI (14 periods) indicator:
Moving up.
Slow Stochastic:
Moving up.
SVE_RSI_Swing:
Moving up.
SVAPO:
Moving up.
Volume:
Rather low, vacation?
SVE_BB%b_HA (18 periods):
Moving up.
SVE_Inv_Fish_Stoch:
Up reversal confirmed.
SATS2 Expert:
The SATS2 expert turned green, there is a new open long position. We also have a new manual long position. These trades are shown at the end of the page. Both trades are still open.
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Hourly Chart:

| Manual Trading | ||||||
| Position | Open date | closing date | open price | closing price | profit/ loss | PL perc. |
| Long | 03/13/2009 | 10/01/2009 | 756.5 | 1029.85 | 273.35 | 36.0% |
| Long | 10/07/2009 | 10/29/2009 | 1057.5 | 1062.3 | 4.8 | 0.4% |
| Short | 04/30/2010 | 05/21/2010 | 1200.7 | 1060 | 140.7 | 11.7% |
| Short | 06/22/2010 | 07/02/2010 | 1095.3 | 1022 | 73.3 | 6.7% |
| Long | 07/07/2010 | OPEN | 1034.0 | |||
| SATS2 Trading | ||||||
| Long | 03/13/2009 | 10/02/2009 | 756.5 | 1025.20 | 268.7 | 35.0% |
| Long | 10/09/2009 | 10/28/2009 | 1071.49 | 1042.19 | -29.3 | -2.7% |
| Long | 11/10/2009 | 01/22/2010 | 1093 | 1092 | -1 | -0.11% |
| Long | 03/02/2010 | 04/28/2010 | 1118.3 | 1191.3 | 72 | 6.5% |
| Long | 06/14/2010 | 06/24/2010 | 1089.7 | 1073.7 | -16 | -1.5% |
| Long | 07/08/2010 | OPEN | 1070.2 | |||
S&P500
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