Macroeconomic Analysis

H! ALL.
Some notes about Breadth Indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

CHART A - daily ema-format 5/10/20 of spread New Highs vs. New Lows on NYSE (indicator in phase vs. US stocks-market).
Lows 2008/2009 shows an important anticipatory behaviour of this indicators.
Now the indicator is in hard divergence vs. US stocks-market on 2010/2011 tops (see descending red -line and -markers; negative sign, not a signal but a sign, for stocks-market in medium-term).
Now the indicator is inside a triangle-format (ascending blue vs. descending red lines; this last one is a positive sign, not a signal but a sign, for stocks-market in medium-short term).
Lows of 2010 is below 0-line and in hard divergence vs. previous 2010/2009-lows vs. US stocks-market, except, mar.2009 (negative sign, not a signal but a sign, for stocks-market in medium-long term).
CHART B - daily ema-format 5/10/20 of spread (ratio-format) New Highs vs. New Lows on NYSE (indicator in phase vs. US stocks-market).
Lows 2008/2009 shows an anticipatory behaviour of this indicators.
Now the indicator is in hard divergence vs. US stocks-market on 2010/2011 tops (see descending red-line and red-markers; negative sign, not a signal but a sign, for stocks-market in medium-term).
Now the indicator is inside a triangle-format (2-ascending blue vs. 2-descending red lines; this last one is a positive sign, not a signal but a sign, for stocks-market in medium-short term).
Lows of 2010 is in hard divergence vs. previous 2010/2009-lows vs. US stocks-market, except, mar.2009 (negative sign, not a signal but a sign, for stocks-market in medium-long term).
CHART C - daily ema-format 5/10/20 of spread (ratio-format) New Lows vs. New Highs on NYSE (indicator contrarian vs. US stocks-market).
Tops 2008/2009 shows a good anticipatory behaviour of this indicators.
Now the indicator-lows is in hard divergence vs. US stocks-market on 2009/2010/2011 tops (see ascending red -lines and squares; negative sign, not a signal but a sign, for stocks-market in medium-term).
Now the indicator is inside a triangle-format (2-descending blue vs. 2-ascending red lines; the first is a positive sign, not a signal but a sign, for stocks-market in medium-long term).
Tops of 2010 is in hard divergence vs. previous 2010/2009-lows vs. US stocks-market, except, mar.2009 (negative sign, not a signal but a sign, for stocks-market in medium-long term).
The double-bottoms of this indicator has a potential bearish impact vs. stocks-market.
CHART D - weekly ema-format 10 of spread Advances vs. Declines Issues on NYSE (indicator in phase vs. US stocks-market).
Lows 2008/2009 shows an important anticipatory behaviour of this indicators.
Now the indicator is in hard divergence vs. US stocks-market on 2010/2011 tops (see blue-markers; negative sign, not a signal but a sign, for stocks-market in medium-term), as during 2009.
Now the indicator is above 0-line, a short-term positive sign for stocks-market.
Lows of 2010 is in-line vs. 2008 lows, in hard divergence vs. 3y-lows of US stocks-market (very negative sign, not a signal but a sign, for stocks-market in medium-long term).
CHART E - weekly ema-format 10 of spread (ratio-format) Declines vs. Advances Issues on NYSE (indicator contrarian vs. US stocks-market).
Lows 2009/2010 shows a good bullish trend for stocks-market on 3y-base.
Now the indicator-lows is in hard divergence vs. US stocks-market on 2010/2011 tops (see red-squares; negative sign, not a signal but a sign, for stocks-market in medium-term).
Tops of 2010 is also the 3y-top !!! in very hard divergence vs. 3y-lows of US stocks-market (strong negative sign, not a signal but a sign, for stocks-market in medium-long term).
CHART F - weekly ema-format 10 of spread Advances vs. Declines Volumes on NYSE (indicator in phase vs. US stocks-market).
Lows 2008/2009 shows an important anticipatory behaviour of this indicators.
Now the indicator is in hard divergence vs. US stocks-market on 2009/2010/2011 tops (see blue-markers; negative sign, not a signal but a sign, for stocks-market in medium-long term).
Now the indicator is in ascending-test of 0-line, a dangerous key-level for stocks-market.
Lows of 2010 is also the 3y-low !!! in very hard divergence vs. 3y-lows of US stocks-market (strong negative sign, not a signal but a sign, for stocks-market in medium-long term).
CHART G - weekly ema-format 10 of spread (ratio-format) Declines vs. Advances Volume on NYSE (indicator contrarian vs. US stocks-market).
Tops 2008/2009 shows an important anticipatory behaviour of this indicators.
Lows 2009/2010 shows a good bullish trend for stocks-market on 3y-base.
Now the indicator-lows is in hard divergence vs. US stocks-market on 2010/2011 tops (see red-squares; negative sign, not a signal but a sign, for stocks-market in medium-term).
Tops of 2010 is also the 3y-top !!! in very hard divergence vs. 3y-lows of US stocks-market (strong negative sign, not a signal but a sign, for stocks-market in medium-long term).

General comments
These indicators shows a decrease of market quality during 2010/2011 bull-legs, both from decrease of new tops in stocks (= increase of new lows in stocks) during bullish phases, and from increase of down-volumes and decline-issues, during bull-legs 2009/2010/2011.
The bullish break of the divergence lines, could be the signal of bullish final-leg, before a major corrective wave.
The hard 2010-lows are worrying (very worrying), according to these indicators.



Tuned on these breadth-technical indicators of the stocks-market, but follows short-medium term signs from prices, for a real-time and correct set-up.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥

H! ALL.
Some notes about €u. Sentiment Indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

The European Sentiment Indicator shows the following graphical elements (indicator in phase vs. underlyings as DAX or D.J. Eu-Stoxx).
-) Main tops 2000/2007 are in little descending-array vs. underlyings (no good sign for long term).
-) Main lows 1993/2009 are in descending-array vs. underlyings (no good sign for long term).
-) Prices have broken in 2008 the structural ascending line 1992/1993/2001/2003/2005 (no good sign for long term), and now the prices are in full-ascending test of this line.
-) Now the ascending-line 1992/1993/2001/2003/2005 is in megalithic set-up vs. descending 2000/2007 and tops-line 1994/1995/1997/1998/2006, a very hard area to break.
-) Actual prices are above the lows-line 1991/1996/2001/2003 and above 100-line (average 2010/1990) (good signs for medium term).
Above the megalithic set-up there will be a possible sky-rocket of indicator (and of underlyings ???), about 40 pt. above from 3/set-up. But this area is very hard.
The area 110/100 is neutral for the trend of indicator (positive range for underlyings).
Below the 100-line there will be the start of a new bear, of secondary importance; only below the lows-line 1991/1996/2001/2003 there will be the bearish turn.
The bull-leg 2009/20011 is a long recovery leg toward the structural ascending-line ??? Only the prices-evolution on this line will tell.
From the sectors we can see that:
construction has an hard bearish-array;
industrial and retail have a strong bullish-array;
fin.services, consumer and services shows a good prices-recovery but less than E.S.I.

The European Business Climate Indicator shows the following graphical elements (indicator in phase vs. underlyings as DAX or D.J. Eu-Stoxx).
-) Main tops 1995/2000/2006/2007 are in-line; actual 2011-top is a little above (good sign for medium term).
-) Main lows 1993/2009 are in hard descending-array vs. underlyings (no good sign for long term).
-) Prices have broken in 2001 the structural ascending lines 1993/1999 (full-tested in 2006 pre melt-down) and in 2008 have broken 1993/2001/2003 (square-marked) (no good signs for long term).
-) Actual prices are above the low-line 1993, above the lows-line 1996/2001/2002/2003, and above 0.0-line (good signs for medium term).
-) Interesting behaviour, in topping-area, of Industrial Production (red-line) vs. E.B.C.I.
Prices in the range of topping-area is neutral for the trend of indicator (positive range for underlyings).
Only above the ascending-rectangle (square-marked) there will be a new big bullish leg for E.B.C.I. (also underlyings ???).
Below this area there will be the start of a new bear, of secondary importance; only below the lows-line 1996/2003 there will be the bearish turn.
Alert on 2010/2011 pattern of Industrial Production vs. E.B.C.I.



Tuned on sentiment instruments for financial study, but follows short-medium term signs from prices, for a real-time and correct set-up.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥

H! ALL.
Some notes about Sentiment Indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

Below two charts of DJ Sentiment Indicator.

http://esi.dowjones.com/wp-content/t...ewESIChart.jpg
http://esi.dowjones.com/wp-content/g...consumer_0.jpg



Tuned on sentiment instruments for financial study, but follows short-medium term signs from prices, for a real-time and correct set-up.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥

H! ALL.
Some notes about Grains
[bad English, sorry ]
Financial Markets Observatory Lab.

We are in a grains financial war ???

http://www.timingcharts.com/sites/de...1751be7d32.png
http://www.timingcharts.com/sites/de...176bd3a428.png
http://www.timingcharts.com/sites/de...1785f86f04.png

REAL TIME CoT: CORN -- RICE -- WHEAT


Tuned on agricultural commodity.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥

H! ALL.
Some notes about S&P500
[bad English, sorry ]
Financial Markets Observatory Lab.

Some charts about S&P500 (chart A) valuation (charts B,C,D).

B. - Inside or above white-band, there will be a big bull-leg of S&P500 ??? (Two descending red-circled lows are bad sign, but not signal, for the long term of underlying).
C. - Inside or belove white-band, there will be a big bull-leg of S&P500 ??? (Two descending red-circled tops are bad sign, but not signal, for the long term of underlying).
D. - Inside, but in particular above white-band, there will be a big bull-leg of S&P500 ??? (ascending-array, red-circled, of tops is a bad sign, but not signal, for the long term of underlying).


Tuned on S&P ratio-valuations.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥

H! ALL.
Some notes about Libor indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

This indicator is the spread between US-libor vs. UE-euribor at 3m-frame, and it is in phase with stocks-market (our underlying: e.g. FTSE AllWorld or MSCI AllCountry).
The main chart elements are as follows:
-) the indicator is included inside a lateral-descending rectangle with a price-area of 290 bp, in divergence vs. stocks-market (bad sign, but not a signal, for the underlying)
-) there are a bearish-array both in 2006/2010 and in 2010/2011, in divergence vs. stocks-market (bad sign, but not a signal for the underlying);
-) price-band +/-0.25 as a marker of stocks melt-down or bullish-phases, marked with blue-lines (see 2000, 2004, 2007);
-) the binary-parallel of ascending line 2002-2004, now is in full (descending) test by spread;
-) the phase 2001/2002 is very similar to 2008/2009;
-) the phase 2002/2004 is significantly different to 2008/2009 (not a good sign, but not a signal, for the underlying);
-) from the III quarter of 2010 the spread has a bearish-array and now is below to lows of II quarter/2009 !
Below the big chart there are two comparative curves of this spread (violet or superior: €; blue or inferior: $) at different frames: 3m, sx; 6m, dx.
We can see that from mid-2010, two curve are in spread-increase array (not a good sign, but not a signal, for the underlying).

The 10y structure of spread has a evident bearish-array, in divergence vs. stocks-market; this bearish-array is more evident (as slope) in 2006/2010/2011.
Spread below the price-band +/- 0.25 bp is negative for stocks-market; but prices below the binary ascending-line can cause an important corrective wave.
Below the binary the spread go to set-up area marked in pink; if spread go below this pink-area, there will be an important increase in financial stress of markets; possible target of spread in -500 bp (+/- 15 bp about).
Spread above the descending marked with triangle can cause a new important bullish leg, particularly if the spread go above the +/- 0.25 bp band. In this case the target is upper black descending-line.

Tuned on stress-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥

H! ALL.
Some notes about Libor indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

In the first double charts we compare the CN-Shibor vs. US-Libor at 3 and 9 mo.
The short-frame shows a decrease of spread (no good sign for financial markets in short-term) but the 9mo-frame shows an increase of spread (good sign).
In the second double charts we compare the IN-Libor vs. US-Libor at 3mo.
The charts shows an increase of spread (good sign for financial markets in short-term).
The country with the highest growth-rate, should have an accelerating-array of libor (within some limits).

It is possible a corrective leg in short-term (3mo) but the medium-term (9mo) shows a bullish-array of Libor-spreads.

Tuned on stress-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' EMPIRE SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about S&P100
[bad English, sorry ]
Financial Markets Observatory Lab.

Some notes about S&P100 Cboe volatility indicator:
-) prices in full ascending test of daily sma/200 and weekly ema/40 (alert level for med-short term);
-) momentum-loss between 2010-lows vs. 2011-lows (alert structure for medium-term);
-) prices included in 2008 yearly-bar (flag-like ? structural alert);
-) top-2008 is a monster vs. 1998/2001/2002/2003;
-) oscillator in divergence vs. indicator (good sign, but not a signal, for volatility indicator).


http://www.cboe.idmanagedsolutions.c...END=0&SPLITS=0
http://bigcharts.marketwatch.com/cha...928&mocktick=1
http://bigcharts.marketwatch.com/cha...087&mocktick=1

Tuned on volatility-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' EMPIRE SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about volatility indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

Some notes about DJIA Cboe volatility indicator:
-) prices in full ascending test of daily sma/200 and weekly ema/40 (alert level for med-short term);
-) momentum-loss between 2010-lows vs. 2011-lows (alert structure for medium-term);
-) prices below 2008 yearly-bar (positive for underlying);
-) oscillator in medium-term divergence vs. indicator (good sign, but non signal, for volatility indicator).


http://www.cboe.idmanagedsolutions.c...END=0&SPLITS=0
http://bigcharts.marketwatch.com/cha...783&mocktick=1
http://bigcharts.marketwatch.com/cha...887&mocktick=1

Tuned on volatility-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' EMPIRE SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about Volatility indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

Some notes about R-2k Cboe volatility indicator:
-) prices in full ascending test of daily sma/200 and weekly ema/40 (alert level for med-short term);
-) momentum-loss between 2010-lows vs. 2011-lows (alert structure for medium-term);
-) prices inside 2008 yearly-bar (flag-like ? structural alert);
-) oscillator in divergence vs. indicator (good sign, but not a signal, for volatility indicator).

http://www.cboe.idmanagedsolutions.c...END=0&SPLITS=0
http://bigcharts.marketwatch.com/cha...889&mocktick=1
http://bigcharts.marketwatch.com/cha...621&mocktick=1


Tuned on volatility-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' EMPIRE SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about Volatility indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

Volatility indicator of EuroStoxx shows a short term bullish-array, an evident momentum-loss on lows, an important divergence 2010/2011 lows, and 2008/2010 lows are in-line about.
Volatility indicator of DAX shows a short term bearish-array, an evident momentum-loss on lows, no divergence 2010/2011 lows, and 2008 lows > 2011 lows.

http://www.bloomberg.com/apps/chart?...%3AIND&img=png http://www.bloomberg.com/apps/chart?...%3AIND&img=png


Tuned on volatility-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' EMPIRE SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about Cboe B&W indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

Some notes about Cboe B&W indicator on S&P500:
-) prices shows a structure in bullish-array, above sma/200 and weekly ema/40 (good sign for med-short term) and in short-term bearish-turn;
-) no momentum-loss, no divergence vs. underlying, no divergence of oscillator (triple good sign for medium-term);
-) prices below 2008-top, with 2009-lows < 2008-lows (structural alert if prices do not go above 2008-tops).


http://www.cboe.idmanagedsolutions.c...END=0&SPLITS=0
http://bigcharts.marketwatch.com/cha...339&mocktick=1
http://bigcharts.marketwatch.com/cha...049&mocktick=1



Tuned on option-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' EMPIRE SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about Cboe B&W indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

Some notes about Cboe B&W indicator on Nd/100:
-) prices shows a structure in bullish-array, above sma/200 and weekly ema/40 (good sign for med-short term) and in negligible short-term bearish-turn;
-) no momentum-loss, no divergence vs. underlying, no divergence of oscillator (triple good sign for medium-term);
-) prices in-line (about) with 2008-tops, below 2007-tops, and with 2009-lows < 2008-lows (structural alert if prices do not go above 2007-tops);
-) this B&W indicator shows a 5-legs bullish structure from 2008-lows, with a terminal-leg (n° V), contained 4 legs (not completed bull ???).


http://www.cboe.idmanagedsolutions.c...END=0&SPLITS=0
http://bigcharts.marketwatch.com/cha...315&mocktick=1
http://bigcharts.marketwatch.com/cha...048&mocktick=1



Tuned on option-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' EMPIRE SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about Cboe B&W indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

The Cboe B&W indicator on DJIA shows a monster-bullish structure, with only a negligible short-term bearish-turn:
no momentum-loss
no divergence vs. underlying
no divergence of oscillator
prices above previous 2007-2008 tops.



http://www.marketwatch.com/charts/in...rand=415889918
http://bigcharts.marketwatch.com/cha...696&mocktick=1
http://bigcharts.marketwatch.com/cha...240&mocktick=1



Tuned on option-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' EMPIRE SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about Cboe B&W indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

Some notes about Cboe B&W indicator on R-2k:
-) prices shows a structure in bullish-array, above sma/200 and weekly ema/40 (good sign for med-short term) and in short-term bearish-turn;
-) no momentum-loss, no divergence vs. underlying, no divergence of oscillator (triple good sign for medium-term);
-) prices below 2008-top, with 2009-lows < 2008-lows (structural alert if prices do not go above 2008-tops).




http://www.marketwatch.com/charts/in...rand=593624293
http://bigcharts.marketwatch.com/cha...304&mocktick=1
http://bigcharts.marketwatch.com/cha...471&mocktick=1



Tuned on option-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' EMPIRE SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about Cboe B&W indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

Some notes about Cboe B&W put-sell indicator on S&P500:
[This is an award-winning benchmark index that measures the performance of a hypothetical portfolio that sells S&P500 put-options vs. collateralized cash reserves held in a money market account]
This indicator shows a monster-bullish structure, with only a negligible short-term bearish-turn:
no momentum-loss
no divergence vs. underlying
no divergence of oscillator
prices above previous 2007-2008 tops.




http://www.cboe.idmanagedsolutions.c...END=0&SPLITS=0
http://bigcharts.marketwatch.com/cha...776&mocktick=1
http://bigcharts.marketwatch.com/cha...306&mocktick=1



Tuned on option-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' EMPIRE SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about Cboe B&W indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

Some notes about Cboe B&W put-sell indicator on S&P500:
[This is a S&P500-B&W indicator but based on OutoftheMoney-options only]
This indicator shows a monster-bullish structure, with only a negligible short-term bearish-turn:
no momentum-loss
no divergence vs. underlying
no divergence of oscillator
prices above previous 2007-2008 tops.


http://www.cboe.idmanagedsolutions.c...END=0&SPLITS=0
http://www.marketwatch.com/charts/in...rand=153606593
http://bigcharts.marketwatch.com/cha...045&mocktick=1




Tuned on option-indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' EMPIRE SOUND SYSTEMS !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about D.B. volatility indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

Some notes about the DB benchmark on S&P500 volatility indicator, at 12mo frame (indicator contrarian vs. underlying S&P500).
In the first big-chart there are the volatility curves of ask, bid, mid prices.
Below there is the long-term chart (start 2000) with same main graphical elements (mid-prices only; montly-frame).
-) The long term structure of lows and tops is bullish because of ascending-array of lows (not good sign, not a signal but only a sign, for the underlying in long term).
-) Prices now are below two systems of ascending-lines (good signs, not signals but only signs, for the underlying in med.-term); blue ascending (high slope) broken in 2009 and 2010; square-ascending (black in long term chart; red in 5y-chart), now are in full dscending test, with preliminary rupture; for these reasons the bearish structure is interrupted.
-) Mid-term bearish structure is reinforced by prices inside descending-line system triangle-marked (good sign, not a signal but only a sign, for the underlying in med.-term).
-) Prices are also in full-descending test on structural horizontal level (lows 2008/2010).

The graphical pivot structure of chart is the level 2008/2010 lows.
Prices below this level, pull indicator toward 14-area (see gray-area) from bottom-top/2010 structure.
In addition, the breaking of the gray-area can trigger downward targets caused by rectangle "square-marked", with a collapse of 12mo volatility.
Prices above 2008/2010 level, cause the ascending test of descending-(triangle-marked)-rectangle.
Prices above this descending rectangle cause the break of med.-term bearish status, with a dangerous turn-tentative of indicator, and target at top-level of 2010.

D.B. 12mo indicator shows an important anticipatory behaviour vs. underlying (see 2004/2007; see 2008/2009); now there are not divergences and this is positive for the future (in short/med.-term) of underlying (continuation-bear for DB-12mo volatility ???).




Tuned on volatility indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' €MP¥R€ $0UND $¥$T€M$ !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about CBOE volatility indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

The first triple charts shows three seasonal curves of some main volatility benchmarks.
As we can see from the seasonal charts, march-april has a local bullish-array of volatility (statistically !).
From april, start a new bearish-leg until to offspring-end (statistically !).
A new, but secondary, bearish leg is coming ???
There is an alert sign in action.
Some CBOE B&W indicators shows the last bullish action divided in 4 legs with a short-term tentative of bearish-turn:
B&WS&P500 -- B&WNd/100 -- B&WDJIA -- B&WR-2k -- B&W-putsell -- B&W-OotM
Also some volatility indicators shows alert signs:
SP100 Vol. -- DJ Vol. -- R-2k Vol. -- DAX Vol.

In the second triple charts we can see that the CBOE benchmark on VIX binary-options shows (contrarian to underlying; in weekly and monthly):
-) two base for curve up-running (yellow circled);
-) two ascending-tests of sma/200 in 2009/2010 pre sky-rocket in offspring-2010 (now we at at two tests);
-) evident momentum-loss of indicator and oscillator during 2009/2010/2011;
-) 2010-tops of oscillator in-line vs. march.2009 tops.
These are all alert signs (but not operating signals).

The patters of S&P500 CBOE Variance benchmark (contrarian to underlying; in weekly and monthly) are very interesting:
-) indicator shows important anticipatory behaviour vs. underlying (see 2005/2007; intra-yearly 2007; 2008/2009);
-) dec.2010 vs. feb.2011 shows important divergences SPX-VAR. vs. SPX;
-) main indicator trend is bearish (see main descending rectangle), but with signs of momentum loss, also on oscillator;
-) prices bullish-turn in short term realized, and ema bullish-knot in test.
These are all reverse attempts of structure bullish-status of short-med.-term significance, but they are not operating signals.



Tuned on volatility indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' €MP¥R€ $0UND $¥$T€M$ !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]

H! ALL.
Some notes about CBOE volatility indicators
[bad English, sorry ]
Financial Markets Observatory Lab.

The Implied Var.Ind. of S&P500 (contrarian to underlying S&P500) shows:
-) an ascending structural pattern from 2007;
-) a recent graphical contest between two tops vs. two lows (red-circleds);
-) local divergence post dic.2010, between indicator lows and underlying tops;
-) an attempt of bullish-knot of ema-1mo vs. ema-4mo (see red-marker).
Follows the knot and the graphical contest.


Tuned on volatility indicators of financial markets.
It is very important do not anticipate the main trend of the underlying financial instruments.
K€SADDhAPHA'pe'KAMPA' €MP¥R€ $0UND $¥$T€M$ !!!
I.M.O. by $@!Ψ¥ [❤ █║▌│█│║▌║▌║| █ ❤]