I still feel uncomfortable with the TA the market is showing, that is, a large sell-off is coming soon that it would be crazy to even think about wanting to go long in real life. And the Bollinger Bands also fore-tell something big is coming, and I would not want to be caught long overnight if futures we to end up down 3-4% one morning.
Breadth was 2:1 advancers on light volume, the early numbers are showing the lightest of the week.
The SPX did manage to make a higher high today, but also dropped out of the Fib. fan. So the trend would still be up, but with caution as the EW says down.
I plan on spending lots of time pouring over the charts this week-end, and posting those that could help determine some direction for next week!!!
8:44, This is starting to get very worrisome, the Bollinger Bands are really tight now, something big is brewing on the horizon, and it is ready to explode. It is possible that it could start out as a head fake, with a quick throw-over to finish the final "C" wave up, before a large sell-off would commence!!!
8:24, With the SPX looking like it has broke out of the fan, it signals that this bullish wave maybe over. If so, I will add another fan when I have enough price action to set the points on the new fan!!
I am also watching for a hard sell-off because with a three wave pattern up, it could also be a corrective of the sell-off earlier this week as a 2nd wave of a 1-2 down pattern, that would be very bearish.