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Tuesday, December 15, 2009

Tuesday updates

This chart is for my great friend, Portefeuille!!!
The BKX is showing weakness!!!
hehe!!!

The McClellan Oscillator, interesting that it moved down, and stopped right on the old trendline of resistance. now it could be support?

Well here it is, The Dollar!!!- FREE AT LAST!!!
After completing its second higher high, the odds increased that a bottom is in.

The Russell is showing signs that its short-term trend has changed to bearish. The indictors have reached the top and are starting to curl over.

This lastest rally can be counted many different ways, I just wanted to throw-out the possibility that it can be counted as a Ending Diagonal Triangle. Alphahorn has a very valid count on his blog this morning that shows this possibility. (click here to view Alpha's blog and his count).
It is something well-worth watching for, as it could signal a major top has already been put in if that was indeed the final "C" wave!!

After the close, we finally got some signs that the trend might of changed, no higher highs today, but we started making lower lows. If the selling follows through tomorrow, look at the level of 1098 to be in its target, there is a large gap that would love to be filled.
Breadth was only a meager 1.49:1 decliners, not enough to really convince me a major sell-off is in the works. I would like to see it up minimally, into the 5-6:1 range to feel more comfortable about going bearish.
Levels to watch, are 1113.98, and 1114.74 on the topside.
With ~1104.90, and 1101.41 on the bottom.
On a side note, the Dollar was able to make its second higher high, I will post a chart after Stockcharts gets the dailies updated!!

**Binve has a good look at the Dollar this morning on his blog Market Thoughts and Analysis!!

Click here to view an updated Fib fan chart!!!
8:21, The Fib fans are being fairly well respected today, after the open, the SPX did drop out of the most bullish fan.
8:03, What upside is available seems to be very limited of this point. (see notes).

7:42, Last week the SPX broke below the trendline of support from the March lows, and has been unable to recapture the trendline. This has been an on going theme this year, breaking the trendline of support, then that trendline turns into resistance followed by a testing of upper bounderies, then we have a sell-off.
Wash, Rinse, Repeat!!!

3 comments:

  1. Beautiful Col! Yet another strong case for your ending diagonal argument. Nice work man!

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  2. Thanks Binve!!!
    Maybe Santa will bring us our presents early this year!!!

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  3. col

    thanx for all ur work

    thanx for the rut chart, very telling, my tza did squat today

    notice the symmetry on the 2 left and rt shoulders and the 2 heads, preet neat

    i think it was you that mentioned the tight bbands, something is about to pop and i wonder if it could be the fed hinting at a rate increase tomorrow, that would certainly send a shiver thru markets

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