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Sunday, September 12, 2010

Sunday observations!!!

Volume last week on the SPX was the third lowest of the last year and a half, only Christmas and Thanksgiving weeks accounted for lower volume. Rallies or sell-offs built on low volume are fragile and can quickly fall apart once normal volume returns to the market place.
The SPX has that wedgie look to it that normally only appears at the end of a larger move, this is one possible way to label the squiggles, as an Ending Diagonal.

The Russell appears to be in a 4th wave triangle, same as it was in the beginning of August before it broke down, there is a eerie resemblance between the two patterns.
Also there is the same pattern developing with the weakness of the small caps compared to the larger caps, INDU, and the SPX, both were making higher highs while the Russell was unable to, another sign of weakening momentum shows as investors move into the larger caps.
*Roy over at The Elliott Wave Practioner has a short clip on the dollar, yen. You can Click here to view the video!!!

1 comment:

  1. Always learn from your charts. When do you figure we roll over?