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Monday, January 11, 2010

Monday updates

The spreads between the 3, 5 and 10 year keep getting larger!!!
The MACD, TRIX, and PPO are running out of room on the upside. Something is going to break soon here.

After the close, here is an optional count just in case we did not top today. I am getting mixed signs on the indicators. The RSI peaked where I have put the 3 on this chart, but the RSI in other time frames does not confirm this. Also the MACD and the Elliott wave oscillator did not make higher highs as the SPX and the RSI have done at the open. The STO oscillator ended up in over-bought territory. Breadth was also weak today running 1.48 advancers. We are definitely not getting across the board bull moves, but select stocks are making new highs.

Breaking below 1142.06 and then, 1136.75 would signal the we might have a trend change, but as the SPX keeps making higher highs, the trend continues to be up.

8:51, I believe it is quite possible that we have a top in, but I would like to see a solid break of the trendline, and some lower lows being made to confirm this thought. We had a throw-over of the bearish wedge/ending diagonal, and lots of divergences on the indexes.

Click here for an updated chart, and please cast a vote!!!

7:13, After opening gap-up the SPX turned and reversed itself back into the Bollinger Bands. The VIX also had a monster gap down open, and those normally reverse. Lots of headfakes going on this morning.


  1. Dear Michael, thanks as usual for the updates.

    Done, voted: a vote a day keeps the bulls away!!

  2. that chart update on the 3, 5, & 10 yr spreads is amazing

    talk about something needing to give, soon, wow

    thanks col