S&P 500 - July 22, 2011

Our Structural indicators, Market Alignment Index (MAI) and Objective Ellitott Wave indicator (OEW), keep doing a fine providing insight into the internals of The index. These indicators measure aggregate structure and trend of all constituents of an index or composite.

We identifies structural weakness helped us stay safe during the correction

Late June, when the bearish sentiment was rampant, we saw extremely oversold and depressed internal conditions and thought that at least an oversold bounce might happen. It was discussed in detail at Market Time Premium

That was followed by back-to-back hits on 200-day SMA, also pointed out at Market Time Premium, and, then, the current rally

We made good calls.

What now?

This is a weekly

Not a bad week especially given the way it started the Monday morning session. The immediate weekly support held for the week

There was some improvement with structural indicators (MAI and OEW)

These indicators still need improvement and and have a lot of room for it. They must rise to structurally support bullish endeavors


Market Time Premium stage and trend table has major indexes in daily advancing stages and weekly distribution stages.




So far so good, but there is lots of room for improvement. Important thing is that we do not see structural deterioration.


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