Daily stock market timing update for 8/21/09 at approximately 11:00 am Stock Market Time.

Hourly Chart Analysis

The broad market took a hit in the early going on the hourly chart and has not yet recovered sufficiently to risk taking new positions today unless you are an aggressive trader.

A PSAR switch occurred to the bearish side late yesterday and the market has not yet recovered. Combine a bearish tone with the CCI dipping below the zero line and it’s just not a good time to take new positions right now. If the PSAR and CCI line reverse later in the day it may indicate a recovery but we’ll wait and see what happens.

Daily Chart Analysis

The daily chart is still in a bullish mode, however, there may be a short term top in the works here. If you have profits you’d like to keep you may want to move stops up or sell. We’ll hold off on taking new positions until we see how the weakness in the hourly chart affects the daily.

Weekly Chart Analysis

Mid-week the weekly chart is still showing strength in both the PSAR and CCI indicators.

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