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Wednesday, June 30, 2010

Wednesday updates

After the close, The indexes took a breather for the most part of the day, as evidenced by how tight the Bollinger bands were getting, before it went back into sell mode near the close, making a new low, and also taking out the old low from November 2nd. I have an optional count, that today was part of a 4th wave, but with question. If that was the 4th wave, then the 3rd wave was shorter then the 1st wave, and that just does not fit as good as having a second set of 1-2's, which is still my primary count.
The trend does continue down, as there have been no higher highs made, just lower lows, and lower highs, and if my primary count turns out correct, tomorrow might be a very strong sell day, that should have some gaps in it for the point of recognition of the 3 of 3 wave.
The next level of support now would be the old low from October of 1019.95, and then 1008.55, which would be the 38.2% retracement level from the top. Short-term resistance is todays high of 1048.08, which should not be challenged with this current wave count, but would fit in with the optional count as a 2nd wave retrace.
Breadth for the day ended at 1.71:1, breadth would have to definitely increase tomorrow to support the primary count, and should exceed yesterdays bearish readings approaching the 15:1 level to confirm that we are truly in a 3 of 3 wave situation, or else the optional count will have the TA behind it.
*** The trend finder has now gone to 100% sell, as the last two remaining buy signals turned today!!!
11:25, The Bollinger bands have quickly tightened-up, normally a very good sign a large move is coming!!!!

***Jman, one of our main contributors, and one of the best Technical chartists around, needs a few more votes, if you can spare a couple seconds, Please click on the following link, then scroll down to the very bottom, right-hand corner, where you can cast a vote to help Jman get the credit he deserves. Please click here to give your support
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8:23, Next solid support according to the long-term Fib fans, is down around the 1015 level
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7:59, The SPX is still firmly in the bearish Fib fans, with no short-term bullish fans available right now, and as long as it does stay in that fan, things are good for the bears

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7:44, This is the most bearish option.

1 comment:

  1. just voted, making me 600th voter for John.
    if I had known earlier, i would have each day.
    did that with shanky last month, yet he came in second.
    good luck jman