Here is an image of the weekly S&P ETF. I’m having trouble with the layout so still experimenting with templates and chart size. The charts I posted last week were too wide for some screen resolutions settings. So I’m trying this template to see if it works better. The only comment I can make about the S&P on the weekly chart is that the uptrend is still intact and waiting for some form of momentum divergence to sell, probably on the daily chart. As long as the CCI is above the +100 line I don’t want to think of shorting yet unless it’s for a quick scalp on the daily chart. No signal there yet. I’m just learning how to wrap the text around and image. Working with these templates and the html code is exhausting. I need a break.
Here’s the Nasdaq 100 ETF weekly chart. This has made a clear breakout. The CCI has made a nice bounce up off the +100 with the cycle indicator on the bottom turning up with all uptrend intact. My gut feeling is that this is getting overdone, but I’ve learned my lesson trying to step in front of these kind of moves. As with the S&P would look to take a counter trend scalp off the daily chart on a clear momentum divergence, but my longer term perspective is still up, but with much caution. A shakeout could be nasty. But that’s just my feeling which has nothing to do with how the charts look. I just reloaded the charts to make them look a little shorter. A friend on a MAC thought the charts look a little small, but on a PC they looked fine. I have my screen resolution set to 1280×1024 and it works fine. I may put that in the footer if I can figure out how.