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Wednesday, June 23, 2010

Wednesday updates

After the close, The SPX spent the entire day trying to recoup from the sell-off first thing this morning, in what is most likely a 4th wave, of either wave 1 down, or wave a, of B, of 2 up. There is a very slight chance that the final 5th wave truncated, but the indicators do not support that option. However, it did manage to close above the 20 day MA, and 50 week MA, so there is a little hope for the bulls that this will not end with a large sell-off this week.
Breadth ended at 1.13:1, decliners, uneventful, and consistent for a day of consolidation that fits well with a 4th wave. The trend closed at 25% bullish, but some of the data is from daily charts that have not been updated yet, so if there are any more signal changes I will update ASAP.
The short-term VIX looks to be heading for that open gap on the upside, the good news for bears, is that the MACD has already broke the trendline to the upside, and that should make it easier for price to do the same.

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7:28, The SPX has broke thru quite a bit of support this morning, including the 20 day MA at 1089.63, the 50 week MA at 1090.34, and made a lower low. On the trend, right now there are 5 buys, and 3 sells, for a total of 25% bullish, but three of those buys, are on the verge of signaling a sell, and that would move the trend to 50% bearish. Any more downside is going to move the over-all trend to down!!!!

7:19, Things are getting interesting now, as the sell-off is looking more impulsive as we have three waves down, this can also go corrective with an a-b-c, replacing the 1-2-3 count in black.

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6:52, The SPX is still respecting the bearish fans, good news for the bears as long as the price stays with-in this set, breaking out of them, to the upside would be bullish!!!

**** On the trend finder, a 3rd sell signal was triggered right after the open, moving the trend from 50%, down to 25% Bullish

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