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Friday, August 27, 2010

Friday's intra-day updates

8:00, Apple continues to deteriorate downwards after breaking trendline support earlier this week, 231.35 is final support holding Apple from cascading lower towards the 200 level. Apple does account for about 20% of the weight traded on the NASDAQ, if Apple does break-down, it will take the NASDAQ down with it.
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7:51, On the short-term Fib fans, there are currently no bullish fans for support, only bearish fans providing resistance. Click here for a live, and updated chart!!!
7:45, The SPX seems to be making a new home in the last section of the bullish Fib fans, spending close to a week now testing resistance and not being able to break above, long-term, not a very bullish sign.
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7:32, Odds are picking up that this is a 4th wave now that the SPX made a lower low, then quickly reversed, the Russell was nowhere near making a lower low this morning along with the RSI on the SPX chart, all signs that would suggest a 4th wave instead of the 2nd wave option. really strange this morning was for all the movement and spikes this morning in the markets, the VIX has been relatively quiet. Breadth at this mornings low was only 2:1, decliners, another sign that the SPX was not yet ready to cascade downwards.

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