US market upadte --- 10/7/09 after close

Both Nasdaq and $SPX had small gain and closed right at downtrend line. The downtrend line is not taken out yet, so the semi-intermdediate trend is still down. Today's volume is lighter. On the other hand, there's no sign to see the bounce is done yet although some negative divergence is showing up on 60 min charts. Hopefully, we will know better tomorrow.

US stock market update --- 12:15PM ET, 10/7/09

Yersday's rally was not confirmed by $Bpcompq which didn't gain at all. Today, as you see from the 60 min charts, both Nasadq and $SPX tested downtrend line (red line) and failed to take them out. The MACD histogram from these two 60 min charts are showing negative divergence.

Again, as long as downtrend is not taken out, the trend is still down.

Will post more analysis after market close.

NASDAQ and $spx found strong resistance at downtrend line

Nadaq and $spx found strong resistance at downtrend line. So far, they have lost half gain from this morning.

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US stock update --- 10/6/09

Although the bounce is strong, as long as the downtrend line (red line) is not taken out, the bearish senario still hold.

Us stock morning update --/ 10/6/08

This morning' rally is strong and took out daily 20ma/ema decisively. The short term trading system should have issued new buy signal at 7:00am pt, but I was not able to update the signal there because of travelling and not having access to my computer. I can still send message to my blog to post message.

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Stock trading system

In case some people don't know, I post two of my stocktrading system signals at http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3189198

For intrad-day comment and weekend update, I post here at my blog.

For after market close updates, I post them both at my blog here and at http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3189198. But I like to put more details here.

US stock market summary --- 10/5/09

The market had bounce today. Both Nasdaq and $SPX went up to test their daily 20MA/20EMA. The rally came with lower volume. Today's bounce could be just an oversold bounce which could be short-lived. From60 min Nasadq chart, Nasdaq is forming a bearish flag. Breaking below the lower trend line of the bearish flag would signal the end of the bounce.