Bonus chart, this is in my opinion the most important chart of the day, the Dollar finally broke above both trendlines, and is very close to making a higher high!!!
The SPX did end by closing up 6 points, but it traced out 89 points to get there. And that is a conservative figure, without the micro waves added in.
9:08, This best sums up the last couple of days. I have never seen this many head fakes on the Bollinger bands, the market is totally out of kilter today with the Dollar rallying, stocks rallying, then selling off, huge swings (22 points in the SPX) in the major indexes. Maybe this is just one more sign of a top.
7:42, The Russell, which is the strongest index today finally made a higher high.
7:04, As the DOW and SPX are making new highs, the VIX has yet to confirm by making a new low!!
Click here for an updated Bollinger Band chart!!!
6:39, New high on the SPX. We might of had a double head fake on the Bollinger Bands, wild and crazy, and the bands are still tight. The 1-2 down count is invalidated.
And to top that off the Dollar spiked higher, up .56 to $75.335. Umm, Dollar up, Futures up, and Gold down, sounds like it will make an interesting day. Still looking for the Dollar to break above $76 to make a higher high.
5:32, Unemployment came in at 10%, futures are now way up!!
The 1-2 up option is picking up some steam, futures jumped to 1111.4 on the news.