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Monday, June 21, 2010

Monday updates

Updated, 3:47, There was a second sell signal in the daily charts, now the uptrend is at 50% bullish!!!!
The trend finder did have one sell signal today, and this is one I do not mind sharing. The 3/5 MA did cross at 12:14. This is one indicator, that does have whip-saw to it, but can also provide an early warning signal, that the trend is weakening.

After the close, WOW, Some fireworks finally to break the boredom of the last three trading sessions. The bears need to make that lower low at 1108.24 to get the ball back, besides, making a lower low, that level would also be breaking below the 200 day MA at 1110.75, and the channel, all things that would shift the odds back into the bears camp.
I still have lots of questions marks on the counts, as there are just too many ways to interpret them at this time, but we did hit the 50% retracement level today, so it is possible that the 2nd wave up has been completed, or at least the "A" wave of the 2nd, both options need to be confirmed by making lower lows, the bearish one in an impulsive fashion, with some solid breadth above 10:1, and down volume readings above 95%, or two days of 90+% down volume, or else, this is only a short-term correction, with higher highs still to come.
Breadth for the day was only 1.14:1, nothing to get excited about.
12:25, The SPX is now on support of the 200 day MA.
12:14, One of the signals on my trend finder went to a sell, reducing longs down to 75%
7:16, The longer term Fib fan chart still has 1173.57 as its first area of resistance, very near the 78.6% retracement level that normally typifies a 2nd wave correction following a Leading Diagonal. 1181.79, is the exact level for a 78.6% retracement.

7:07, The VIX looks to be heading lower to get some of those open gaps filled, creating another small gap on the open today.
The longer term chart of the VIX, shows it is in a free-fall, but the indicators are showing it is approaching over-sold territory now.
7:01, The SPX finally hit the 50% retracement level this morning.
Click here for a live, and updated chart!!!
6:52, The SPX did make a higher high, as the trend continues higher, and the counts are getting really ugly, as that "X" wave looks uncompleted.
Click here for a live, and updated chart!!!
6:44, The SPX is attempting to recapture the most bullish part of the fan. 6:35, The SPX opened gap-up WAY outside the Bollinger bands, odds do favor that it will quickly recapture the bands. Upside resistance of the 50 day MA is now at 1137.85, now the big question of the day, is this going to be an exhaustion gap, or a gap of recognition?

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