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Tuesday, August 24, 2010

Tuesday meltdown updates

8:30, Although the majority of posting on the blog centers around the SPX, I do have a large collection of individual stocks in my private charts that I watch, this is a biggie, Apple finally broke down below support this morning, if it cannot recapture that line quickly, it will become resistance and the odds dramatically increase that a top is in.
Click here for a live, and updated chart!!!
7:43, The SPX is testing support on the long-term Fib fans this morning, if this fails the next level of support from a bullish Fib fan is down below 1000.
7:39, The VIX broke out, and above the trendline of resistance with a monster gap this morning making a minor higher high in the process, this is a longer-term bullish move on the part of the VIX breaking out of the triangle, or bullish pendent.
Click here for a live, and updated chart!!!
7:28, The SPX looks to have put in a 3rd wave this morning, and now is tracing out the 4th, any break above 1063 should be a large warning that something else is going on with the counts, because with this count the SPX has no business up around that level at this time. 7:22, In another piece of bearish news, the SPX has broke below the long-term trendline from the '09 lows, this also opens the doors to a test of 1010.91.
7:15, For a long-term perspective, the SPX now has all three of the major Moving Averages in a bearish alignment after the 20 week MA crossed the 50 week MA this morning, the weekly chart is also showing the indicators on sell, and in a downtrend.
7:05, The Russell is extremely close to making a new low, only 91 cents away!!!
Breadth continues to increase, now running 9.96:1. Lots more charts coming as I get them loaded.
6:52, The SPX opened gap down this morning taking out the old low of 1056.88, opening the door to 1010.91. There was a lot of technical damage done at the open. The trend continues down as long as the SPX keeps printing these lower highs, and lower lows. The Trend finder also went to 100% bearish at the open.
Breadth is currently running 8.63:1, decliners, this sell-off does have legs at these levels, if breadth continues to increase it will support the wave count of a 3rd wave down.

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