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Friday, July 2, 2010

Friday updates

After the close, A second day of consolidation, but that was pretty much what I was expecting for a Friday before the Holiday's. Because of the continued sideways action today, the 1-2, 1-2, 1-2 count is now off of the table because the last 2nd wave would be just too long in time, compared to the previous 2nd wave. So the two main counts are on the chart.
Breadth for the day ended at a measly 1.49:1, decliners, and that equals boring!!!
Not much has changed from yesterday, the trend still remains down as all signals are in sell mode, and no higher highs were made today. The biggest news of the day, was the "Death Cross", where the 50 day MA crossed over the 200 day MA right before the close.
I hope everyone enjoys the week-end, and please keep it safe!!!!
I plan on doing a large update over the week-end so check back occasionally.

Click here for a live, and updated chart!!!
7:27, I have that sneaky suspicion that not much will get resolved today, as traders bail out early for the long week-end, creating a low volume day, with a slight bullishness to it, as nobody wants to commit until after the holiday week-end

3 comments:

  1. Thank-you Quality :)
    I hope you and your loved ones the same!!!

    ReplyDelete
  2. Sensible analysis as always Michael.

    ReplyDelete