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Monday, November 30, 2009

Monday Updates

After the Bell, The SPX did manage to make a lower low, then reversed and stopped just short of making a higher high of 1099.06. As long as we continue to make lower lows, with-out the higher highs, the trend is down. After all was said and done, the indicators moved back up into the over-bought conditions.
Levels for tomorrow I will be watching are 1099.06, and 1110.82 on the upside, and 1083.74 on the bottom side.
The VIX is a little worrisome, closing at 24.53, just barely above the channel line. The VIX needs to clear the 25.93 level, and ultimately breaking above 31.84 to add comfort to the bears case.
Breadth for the day ended at 1.36:1, advancers, after the decliners led most of the day on light volume, definitely not the amount of volume I was expecting for the last day of the month.
Transportation and Finance were the strongest, with Retail-wholesale lagging.
The Russell continued to show weakness compared to the SPX and the DOW, again losing more ground.

8:40, SPX made a lower low, levels to watch are 1097.10, and 1084.49. So far the trend is down, until the SPX makes a higher high. The Russell did manage to break down below the trendline. Breadth has only been running 2:1, decliners at this time.

7:22, Quick comparision of just how weak the Russell is today!!!
Yes, that really is the Russell down there at the bottom of the chart, not a good sign for the bulls!!!

7:17, The Russell made a minor breach of the trendline from the July lows, but more importantly, the MACD trendline of support was shattered!!

6:44, As has been the norm, the Russell opened the weakest and now the trendline of support is at risk if there is any more downside. The Russell has also made a lower low. 596 is resistance and 553.31 is the next major support. The VIX is still barely above the channel and needs to stay above for the bears.


  1. i didn't even see the rut on the 1st chart til i read it was there in your text portion!

  2. Thanks for the post. Great to compare my counts with yours on the RUT.

    Based on the subwaves, I am feeling this down move from 11/16 is possibly ending X of WXY = 2. Three up, three down (so far), thinking 3 up, but not expecting RUT to make a new high.


  3. is there somethig wrong with the CiL today?
    there is no place to post comments on the web page and it does not show up as a live event when logging into CIL