Potential Roadmap for SP500

People are getting more and more bullish again. Regarding the put/call ratio we are getting close to a neutral level again. Europe - Greece, Italy and Spain - will decide when markets are ready to move higher. Politicians are working on a solution for Greece. They are running through scenarios with Greece going back to the drachma. I'm pretty sure that fear will be back soon putting pressure on Italy and maybe Spain. For the next two weeks I see more of a sideway pattern before moving higher. However we won't see new lows; 1200 should be a good support. Monday might be an important day as Italy will issue new bonds...the market will be right :)

China has to decide soon where to go

Taking a look on the long term chart...China will soon make a move out of the triangle either to the up or downside. However, in the short term there is still room for about 10% up until they have to make up their mind. I'd bet on an upside move. Russia btw looks similar. Since Russia is linked to the oil price they will make a move to the upside too.

Still bullish - but with a lot of caution

The McClellan Summation Index (an indicator more for mid and long term patterns) in combination with the RSI used to spot peaks pretty reliable in the last few years. There is still a bit of space to the upside but in my point of view this is definitely limited. I'd rather see a couple of weeks to the downside or at lease a sideway pattern before we move higher.

CEG and GOOG - very bullish on both

they both will make it sooner or later and jump over this long term resistance and then booooooom!!! :)

Trading ideas for next week

Long:
AMP: short term goal 200d MA at around 49.50 - 50
NVLS: has to break its short term down-trend first, long term uptrend is now at around 32 (latest stop)
TLAB: short-term uptrend vs. mid-term downtrend. if downtrend will break, TLAB is a reversal-candidate
CSCO: definitely a buy! right now it's in the upper range of its new uptrend-channel but is also running in a rising short term wedge. waiting for a small pullback at around its 200d MA. this however might not happen if markets are generally going up.
GNW: a buy above 7.40. there is a chance that it reaches its 200d MA at around 9 and its mid-term downtrend at around 10.
FFIV: just broke its short-term downtrend. a buy above 110.5

Short:
FIS: recently a GAP to the downside with high volume, running into a short-term rising wedge, closing gap. a backtesting of the recent lows at 23.10 very likely. a sell below 25.10
RRD: is reaching its GAP level at 16.80 after a downside GAP a couple of weeks ago. this should serve as resistance. a sell right now. a stop should be set at around 17.
MCHP: for me a good short candidate. rising wedge, huge volumes to the downside. jumped up on friday after a UBS buy recommendation.

good luck

SP500 - no big moves expected for the next week

Difficult times for trading systems. Most of the blogs indicate that the majority of the trading systems is on the bearish side right now. According to the put/call ratio the market is expecting more bad things to come. However, the ratio is already very bearish. I'm still more on the bullish side. For the next week however, I don't expect big moves. On the upside it's limited to the short term downtrend line and the neckline; to the downside the 50d MA should be a good support. If there is a surprise to come I expect it for the upside.

LNC, MOS

If markets behave as expected tomorrow LNC and MOS might be worth a short. LNC already broke the rising wedge. However looking at the MACD the might be more to come.