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Tuesday, September 21, 2010

Tuesday updates!!!

8:06, The equities markets are advancing on diminishing internals, up-volume and breadth are diverging, signs momentum is waning.
7:49, The USO and SPX spent eight months moving in concert with each other, and now for the last month there has been a disconnect that is widening as USO was unable to keep up with the SPX and make any new higher highs. The big question is which one is leading? Possible that the weakness in USO could drag the SPX down to its level.
7:42, The percent of stocks above their 50 day moving average is up in over-bought territory where tops are put in.
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7:26, The first sign that the SPX is starting to break-down and a top of some sorts was put in would be a challenge of the last minor low, at 1134.81, followed by 1122.43, which would also mean a channel break. Expecting a day that will be sideways before the FED announcements at 11:00 PT, then things could get exciting.


  1. I followed you from turkey
    I do not know English, sorry
    This message "google translate" I am sending
    Thank you for counting

  2. Trader, you are welcome, and your translation works just fine :)

  3. All well here?
    Now that the resistance was broken, I start to lean towards making a possible capital gains
    I left the review on my space

  4. Hi there,

    Great blog. I'm looking for a pullback as well. For me, the question is whether Wave [C] has been completed, or only (i) of [C]. If all of [C] has been completed, the slope of [C] would be greater than [A]. As such, [C] may be extended to a double/triple zig-zag.

    The typical retracement after a leading diagonal is deep (i.e. 78.6%) which would support the view that the Wave [C] might not be done yet.

    What do you think? Thx.

  5. garesky, for me, the idea of this only being the 1st wave of "C" up does not work, the SPX has already retraced over 61%, and there would be very little room to get in the rest of the "C" wave, ie, the 3rd, and 5th with-out making new highs above 1220. As it is now, your wave 1 is already more then 100 pts, and we are only around 80 points from 1220.