New Web-site!!!

Primary web-site now for EW Trends and Charts

We have moved!!!

There is now a NEW Web-site for EW Trends and Charts, the new web-site is the primary site for this blog and this site is only a back-up site now. If you are a fellow blogger, please adjust your links for the new site!!!!

Click here to view the new web-site for EW Trends and Charts

Thursday, September 30, 2010

Thursday, after the close!!!

The Summation Index is still stalled and it not breaking up and away, something that would favor the bulls, it is acting more as a topping pattern.
After the close, There is a good chance the SPX put a top in of some sort this morning, volume also jumped up today from the low levels of around 1B (NYSE), up to 1.29B, over a 25% increase on todays sell-off. The SPX still needs to follow-thru tomorrow with increased volume and breadth to up the odds for the bears. A close below 1131 would be good, but ultimately the SPX needs to break below 1122.79 making a lower low to confirm a top was in. Otherwise this rally could continue higher with next resistance at 1173.57.
Breadth for the day closed at 1.04:1, advancers, flat.
After the SPX made its high today, it sold-off in a nice five waves down, then went into an a-b-c correction that has retraced slightly less then 50% back to the top. An open tomorrow that break todays low would open the door for the SPX to accelerate the selling and put the uptrend in serious jeopardy.

No comments:

Post a Comment