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Thursday, December 31, 2009

Thursday updates

Please vote in Stockcharts, a new month just started and I need some votes!!!

Lots of resistance on the topside right now for the bulls!!!
This is what I have left for options after that sell-off today, a completed five wave impulse structure counted out as an extended 5th. What I do not know is if that was only the 1st wave of "C" up or if that was the entire "C" wave. The sell-off so far looks much more corrective, then impulsive, and that worries the bear in me!!!
Breadth for the day ended at 2.04:1, not a very convincing bearish sell-off, but if we see follow thru come Monday, things would turn very bearish in a hurry!!!

After the close, That move in the last half hour was huge, smashing right thru the Bollinger Bands, if there is follow through on Monday, watch-out below!!!
More charts later tonight when Stockcharts updates.

Click here for a look at an updated chart!!!
10:26, The SPX is approaching some solid support from two different bullish Fib fans.

9:21, Quick look at the Dollar, and it is still in the bullish channel, with support at $77.475 and resistance up at $79.514. But the indicators have peaked and are rolling over giving sell signals.

7:56, Yesterday I posted a chart after the close of the SPX and one of the options for a quick resolution for the 4th wave and the warning that we could also be looking at a long drawn out 4th wave that could in compass 2-3 trading days. Here is the count for that possibility in this chart. Either way, the ending level should still be about the same, only the time frame differs. Breaking 1116.21 would invalidate this count, wave 4 would be entering the 1st wave.


  1. Michael, i tried to post a comment ealrlier but I do not see it. Perhaps it got lost. I was saying thank you so much for the great chart work and analysis. Also if it was possible to update the RUT and also the USD since it is so importnat. have a happy 2010!!

  2. i like ur first chart col! great minds think alike ;)