Objective Trader

Pullback is overdue

The SPX 1 Month Hourly has met the target area yesterday with a high of 1230 (retracement 1236/1237) and is due for a pullback. Needless to say that a break of 1200 is a confirmation.

Breath Thrust has reached overbought levels

SPX 1 Year Daily has reached the trend line whereby Stochastic and MACD are still on a buy.

SPX Daily Chart posted back in early August is showing the indiated target area has been reached.

SPX Weekly bounced strong from the blue diagonal trend line. Stochastic is showing a positive crossover. This is bullish for intermediate time frame.

SPX Percentage of Stocks above 50/200 DMA

Thsi chart I showed early August as well and the extreme oversold levels. We have moved up already and obviously there is far more room to the upside just to reach a neutral area. 

NYSE and NASDAQ SUMMATION are on a buy signal

Hourly Overbought

We have a slightly overbought market in hourly charts and a minor pullback is around the corner. The daily charts still look good enough. So far the first targets has been met

Breadth Check

Breadth Thrust is approaching levels we can expect a pullback soon

NYSE New Highs - New Lows might move towards +200

NYSE Advance-Decline moved above zero line and this is considered bullish

NYSE Summation Index created a buy signal and usually this is an intermediate signal suggesting we see more upside ahead. Buy pullbacks while this signal remains on buy. I avoid trading against this indicator as it would result in losses.

NYSE Tick suggesting a pullback is due

Russell Touchdown

I posted the below  chart in an earlier article and it has reached the first target. Indicators in this chart show more room to the upside and a move towards 760 is possible.

The weekly chart had a positive stochastic crossover and supports my target view of 760.

The 40 Day Hourly Chart is now slightly overbought and we should see a pullback soon.

Target Hunting

SPX 1 Month Hourly shows Stochastic slightly overbought.

SPX 40 Day Hourly with different stochastic settings shows more room to upside possible.

SPX 5-10-20 Timer Model / Daily Chart

The picture looks very positive and 5/10 EMA had crossover. Early birds are already long and adding longs with a 5/10 EMA and 20 SMA crossover is the logical action. There are positive crossovers all over the place.