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Thursday, September 9, 2010

Thursday updates

After the close, Low breadth, low volume, waning momentum for the majority of this week, all signs of a pending top. Here is one possibility, a failed, or truncated 5th today, and the start of a 1-2, down trend. It is still very early to say a top was put in. The Russell, which represents small caps was in the red for part of the day and only was able to close up by 37 cents and never making a higher high as did the SPX, another sign of the markets weakening.
One other possibility on the counts is a larger degree 4th wave in the building, but a break below 1091.15 would put that count to bed.
Breadth for the day ended at 1.65:1, advancers, on low volume.
Elk season has started here in the North-west, the next few days I will be in and out and will post when I am able to!!!!
will update later this evening :)
Click here for a live and updated chart!!!
6:36, The SPX opened with a spike up and out of the trendline, opening the door for a run up to 1131. The bears needs to get the SPX down to make a lower low at 1091.15 to get a short-term trend change.

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