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Friday, September 17, 2010

Friday after the close!!!

After the close, The SPX opened with a nice gap up that made a higher high, quickly retraced back down to the levels of yesterday's close and went into a VERY boring day of consolidation never making it back above the old high of 1131.23. It looks like a triangle is being traced out for the majority of the day, and that would not fit in the above count as we should be seeing a more impulsive structure moving to the downside. Maybe there is a 1-2, 1-2 down stuck in there and Monday morning opens gap down in a 3rd wave?
Breadth for the day closed at a whooping 1.46:1, advancers.
The short-term trend does remain up as the SPX made a higher high this morning, and if the SPX can get above 1131.23 with conviction, then the longer term trend will revert back to bullish. Although this rally looks VERY weak now, until it confirms a new short-term trend change by breaking below 1114.63 it is possible that it could work its way higher. Time for tight stops on longs as a sell-off could be very rapid if volume kicks up toward normal levels.
If this is a top, it would be a triple top at this levels and would really be very bearish with a significant sell-off that would surely challenge the lows of 1010.
More updates thru the week-end as I get charts updated!!!

1 comment:

  1. Thanks for your posts, how about a sell-off that challenges the lows of 666, hell, we can get there!

    I am loaded with shorts, posting some charts on my blog over the weekend.

    Best wishes.

    ReplyDelete