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Friday, November 20, 2009

Friday Updates

After the bell, Weird day, but the SPX did manage to make a lower low, so the trend is still down. Breaking above 1096.37 would make me reconsider if we have a new trend, with the possibility of the SPX heading higher. And breaking below 1086.94 would show me that the trend continues down. The Bollinger Bands did tighten back up today near the close, something to watch for Monday morning.
Breadth finished the day at a lack-luster 1.35:1, decliners on very light volume. The SPX did end the week in the red.
I am putting together a large amount of charts to post later tonight, or first thing tomorrow morning, a massive chart dump coming soon. I am seeing a lot of sell signs on the daily charts!!!

9:58, The SPX dropped out of the bullish Fib. fan this morning. I do not use these fans solely to trade on, but I always keep them on my radar, they have helped in the past to confirm trend changes!!

This is the count I have going this morning, but I urge caution, with it being OPEX week, things are out of kilter as people are jockeying around before expiration. Breadth today is weak, running about 2:1 decliners. I expect a back and forth type of day. The majority of the TA suggests that there is more downside to go, but anything is possible today. The VIX is sitting on support right now which is not very comforting for the bears.

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