S&P Weekly Sector Review 23 Nov

• Posted by tradingpoints
• on November 23rd, 2009

Trading seems most tough when you have the 15 min and hourly charts turn negative while the daily and weekly trend remain bullish in virtually all market sectors. Is it the market turn or not? Well it really all depends on your trading time-frame. If one is trading the daily time-frame, then the higher probability trade is to wait for the daily chart confirm in the direction you wish to trade in first. Only then, should one look for a pullback on the lower time-frame for trade entry. As we see this morning on the overnight Globex trading, S&P futures are up sharply, and those who were sure that the market was going to break because of the short term charts were turning negative are in for a rude awakening on Monday. You’ll can never catch a top or bottom with this aforementioned methodology, but you will have a greater risk/reward in your trades.

The following charts were posted separately on Chart.ly on Sunday. I’ve replicated below the day trading signals that appear on my blog:

Signal Explanation & Statistics

Daily & Weekly Support & Resistance Levels for the S&P Market Sectors and top 100 ETFs can be found here

S&P Financial Sector $XLF:

Day Trading Signals:

NR7, Low Historical Volatility Break -

Bearish below 14.80. 60 min bearish < 15.02. Daily support 13.19-.78

S&P Energy Sector $XLE:

Day Trading Signals:

None –

Another sector with strong gap down on Thursday.  Immediate trend bearish < 56.93

S&P Health Care Sector $XLV:

Day Trading Signals:

High Continuation, Low Breakout Continuation Setup - 

Bullish pattern unabated. 60 min bullish > 29.92. Week closed at highs

S&P Industrial Sector $XLI:

Day Trading Signals:

NR7 High Breakout Continuation Setup-

Gapped down hard on Thursday. Oversold in short term. Technicals damaged

S&P Materials Sector $XLB:

Day Trading Signals:

Inside Day, NR7 –

60 min close > 33.05 turns s.t. charts bullish. Daily support well below 31.20

S&P Technology Sector $XLK:

Day Trading Signals:

NR7-

3 day pattern of lower lows and lower highs with failure @ weekly resistance

S&P Utility Sector $XLU:

Day Trading Signals:

NR7, High Continuation & Reversal, High Breakout Continuation Setup –

A break above short term symmetry resistance may rally to higher 60 min resist. 29.44-.53

S&P Consumer Staples Sector $XLP:

Day Trading Signals:

None -

15 min consolidating for a breakout. Daily chart bullish > 26.15

S&P Consumer Discretionary Sector $XLY:

Day Trading Signals:

High Breakout Continuation Setup -

Short term bearish. Daily close < 27.40 confirms daily charts bearish as well

S&P Retail Sector $XRT:

Day Trading Signals:

Outside Day -

Short term bearish < 36.23, Daily & weekly chart remain bullish above 33.06

S&P Homebuilding Sector $XHB:

Day Trading Signals:

None -

bearish below 15.13. Daily chart current pattern lower lows & lower highs

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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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