Updated charts of the S&P 500 Index. The first chart shows the linear regression chart used in earlier posts. This a chart which each candle represents three trading days. This is a method of smoothing data. All charts can be clicked to enlarge.
This second chart covers the levels using the opening range of the first three days of the year. Yesterday was a strong volume day, but with today's unemployment number anything could happen. The upside target is now the base of the opening range. If we reach this area, it will be important to follow the volume in the market.
One additional chart shows the same S&P 500 chart as above, but with a moving average of the advance-decline line. This can be used to spot divergences and also overbought oversold conditions.