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Wednesday, June 16, 2010

Wednesday updates

The Dollar is still channeling quite well, and this is still the same count I have had for the last few weeks!!
Not a good sign for the bears, the SPX closed outside of the last bearish fib fan!!!

After the close, The SPX spent most of the day going sideways, but it did make another higher high, and still is not making any lower lows keeping the current trend bullish. There is not really much to add today, because not much has changed since yesterday's close. The 200 day MA at 1109.09 is the first point of support, followed by 1089.03, the next low. On the top-side, there is resistance at 1119.03, but it is a minor point from an older high that was not that significant.
Breadth for the day ended at 1.43:1, decliners


Click here for a live, and updated chart!!!
7:53, The SPX is still in the most bullish part of the Fib fan.

Click here for a live, and updated chart!!!
7:48, The SPX is still tracing out corrective waves, and as long as it stays above that middle channel line, the bulls have the ball, once it does break thru it, we should start having a larger correction in progress.

2 comments:

  1. congrats. you nailed it

    $$$ cementzak $$$

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  2. Today was a flat day. There was no follow up to yesterday's impressive rise. I think that's bearish, no matter which "fan" (or whatever those ludicrous lines are) the SPX closed inside or outside. I disagree with your conclusion and think the bulls have had their day.

    ReplyDelete