Breadth for the day closed at 6.17:1, advancers, this is very respectable number, and should make the bears nervous. BTW, I went thru 300+ charts yesterday from my public and private collection, and from what I saw, I would give the bulls a slight advantage right now, and if we do make a new high on the SPX, we would also be breaking above the 200 week MA that is sitting at 1223.07 right now, that would be a very bullish long-term signal. The bears need to show their stuff because time is running out quickly on the longer term charts.
**** I have came to a cross-road, to where my expenses to keep this blog up and running are far exceeding the in-coming revenue. With the number of new subscribers to EWI for the last two months down to nil, and existing ones cancelling their subscriptions (who can blame them), my monthly payments no longer make it worth contining a relationship with EWI, if it were not for their resources they provide for free, they would of already been removed from the blog. Without the revenue that EWI was providing I am now operating in the red this month, because good ole Uncle Sam has his hand out, and the revenue this blog has received is reportable income, this has put us in a spot to where we had to choose from operating as a Sole Proprietorship, or as a Limited Liability Company. Upon advice from my Attorney, and seconded by my CPA, The LLC was the best choice because of the firewall it provides between the blog, and our personal assets. I got the bill today!!!!
8:46, The market still has not tipped its hand on which way it wants to go, both the bullish and bearish options are valid, and the trend is still neutral. As time goes on, and the market stays up at these levels, the odds are going to favor the bulls. We have not made any minor higher highs, or lower lows today, so even the shortest-term time frame is neutral. On the bullish count, the best option right now is we are in a 4th wave that could spend another day consolidating before heading higher for its 5th wave. The 1177 level where the red dashed line marks the last major high, is the line in the sand for the bears, and 1173.37, the 50 day MA, is an early warning sign that the trend is favoring the bulls.
8:11, The Long term Fib fan chart still has the SPX caught between short-term resistance (neon-green), and medium-term support (gray), this is bullish as long as that support holds.
7:51, If the VIX were to break down below the trendline of support, it would be another blow to the bears, as long as it holds, there is a much better chance that the bearish wave count on the SPX still has some legs. Once it is broken, I imagine that those gaps down below will get filled, allowing the indexes to make new highs.