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Friday, August 27, 2010

Friday after the close updates

After the close, The bulls had a phenomenal day with some very good internals that are really pushing the bearish counts to its limits. Breadth for the day was a very strong 6.49:1, advancers with buy volume accounting for 92.18% of total, this is bullish.
The rally today did end in a bearish wedge that would fit in fine as the final "C" wave of a 2nd wave up, the channel is still intact, and no higher highs were made, so the count is fine as long as there is NO follow-thru come Monday. Rising wedges, and Ending Diagonals are patterns that normally have a very sharp reversal to them so I would expect that the SPX would sell-off hard Monday to keep the count alive. There are also negative divergences on the charts where the RSI has has peaked before the peak of the SPX, meaning momentum is waning. The 15 minute chart above is also in over-bought territory, all reason to suggest a reversal Monday.
The SPX did not clear any of the basic moving averages and all are still higher and are resistance for any push toward 1131, a major top that would change the larger-term trend if taken out. I will have a much more detailed analysis this week-end when all the charts get updated with the closing numbers.


  1. thanks. looking forward to it.

  2. Michael – Could you please generate a wave count for the Russell 2000? Alot of us trade TNA & TZA. Thanks! Jordan