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Friday, November 13, 2009

Friday Updates

Whatever upside is left looks VERY limited!!
After the Bell- The SPX never did make a move today that would of made figuring out the near-trend trend any easier, no higher highs, or lower lows today. The Bulls ran it up early, but were stopped by overhead resistance from a trendline drawn between the most recent highs. The two numbers I am watching are 1084.95, for the bears, and 1101.90 for the bulls. This could be part of a 1-2 down for the bears, or a part of a 4th wave up, for the bulls.
Advancers beat out decliners, 2.77:1, on some of the lightest volume seen in the last month.
The Omen, 86 new highs, 2 new lows.

One possible option, good as long as we do not make a new high. It is also very possible that we are in a 4th wave right now. Breaking below 1084.90, would help to confirm this count.

The Russell continues to widen and extend the distance down from the DOW and SPX as it weakens even further.

4 comments:

  1. your 60 min chart is exactly the kind of analysis I need and use to make daily decisions. Keep it up! and thanks

    ReplyDelete
  2. Yes thanks !

    uszly

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  3. nice chart and break points for keeping the count, thanks!

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  4. Wonderful thoughtful analysis. How do you get Fib Fan lines on Stockcharts?

    ReplyDelete