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Friday, May 28, 2010

Friday updates

Can not leave with-out at least giving a bearish squiggle count, even though it is a very low possiblilty, but at the close the count was still valid, just in case we do get some wild and crazy sell-off at the open tuesday. BTW, if we break above 1103.52, this count will be invalidated.
After the close, The 200 day MA held, and the SPX did not even make a higher high, but traded in a large 19 point range constantly tracing out corrective over-lapping waves making counting difficult, and frustrating as there are many different ways to interpret the counts for days price action. The bulls never did get their follow-through day, and the bears did not exactly have a strong sell day, just the perfect scenario to start a long-week, leaving the short-term trend up in the air, and letting traders spend the week-end guessing on what Tuesday will bring us.
Breadth for the day finished at a pathetic 2.14:1, decliners, crazy, that is all the bears could muster on 1.24% down day with a 13.65 point loss. Not very bearish!!!


Click here for a live, and updated chart!!!
8:03, There is a slight chance that Mr. Market will fool everyone, and that gap up at 1110 that has filled the blog-o-shere will not get filled. Possible that we have finished the corrective 2nd wave up, and have printed a 1-2 down, it is still very early in this count and the probabilities are not very high it will be correct, but if this starts to accelerate to the downside, the odds will quickly increase it is correct. It has been hard to get a correct reading on the squiggles from yesterday afternoon because of the over-lapping waves voiding any impulsive counts.


Click here for a live, and updated chart!!!
7:16, Still no bearish fans, with this lack-luster open.

5 comments:

  1. Mike, if you took into account that we are facing a 3 day weekend and the big $$$ players have probably already bolted to their beach front homes, how would that play into you EW count. Also next Tuesday will be the first trading day of the new month and that is when the new 401K $$$ comes in [no?]... So wouldn't this tend to make the count lean towards wanting to show more upside to come? Just saying! :-)

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