S&P 500 Intraday Bias, 12/30/11

At 10:01 AM, Neutral, suggesting consolidation.

UPDATE: 12:30 pm, the bias has strengthened to Positive, suggesting buy the dips intraday.

S&P 500 Intraday Bias, 12/29/11

At 10:00 AM, Negative, suggesting sell the rallies intraday.

Note

A longer term chart of the indicator I used for the intraday bias is showing big negative divergences with the recent strength of the stock market. I retain my forecast of a drop in prices, the next target for the S&P being 1100-1130, which acted as support many times during this volatile autumn.

Note that TLT, the ETF for the 20 year bond, has been making higher highs and higher lows and hugging its 50 day moving average. The pattern it is forming looks like an ascending triangle, which is a "continuation pattern," meaning the prior trend, up, will resume. A upside breakout may coincide with a stock market decline.

S&P 500 Intraday Bias, 12/8/11

At 10:00 AM, Negative, suggesting sell the rallies intraday.

S&P Intraday Bias 12/27/11

At 9:40 AM, Negative, suggesting sell the rallies intraday.

S&P 500 Intraday Bias, 12/23/11

At 10:25 AM, Negative, suggesting sell the rallies intraday.