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Friday, August 13, 2010

Friday updates

The Summation Index now has three red bars, and is accelerating downwards, a very good sign that the trend is indeed down!!!
The Euro continued its slide today, closing at the low of the day, $127.51.
After the close, The SPX was plain boring today as it traced out the never-ending 4th wave, that possibly broke down at the close, on the other-hand, the Russell had a much more bearish day making lower lows, and closing at the low of the day, down 1.21%, compared with the SPX which was only down 0.40%.
The trend still remains down, with the same levels as we had at the close yesterday. There is not much to really add today because the SPX never did much, it stayed stuck in a tight consolidating range, never making any higher highs, or lower lows.
Monday we should see the SPX making a lower low the get that 5th wave in. Very possible the majority of the 5th could be put in during after-hours trading, and have the cash, SPX open gap down, and quickly reverse to start the 2nd wave up.
Breadth closed at 1.18:1, decliners.
On the Hindenburg Omen, there were not enough new 52 week lows at the close to have a second signal, that would of made yesterdays unconfirmed, a confirmed Omen.
11:04, The Bollinger bands are now as tight as I ever see them, something should give here soon!!!
7:38, If the SPX closes around this level, or lower, it will be one ugly weekly candle, a bearish engulfing candle. I do not spend much time trying to read the candles, but this one has been a fairly reliable candle in the past.
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7:30, The SPX is bumping its head on resistance from the last bearish Fib fan, support is down around the 1050 level.
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7:24, Welcome to Friday, the 13th, so far a boring start as the SPX is still working on finishing the 4th wave.

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