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Tuesday, September 28, 2010

Tuesday updates!!!

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7:48, The count on the SPX is still holding water and my confidence is growing on the accuracy of it, as long as 1122.79 holds the SPX is still in a bullish trend with 1173.57 over-head resistance, and at 1158, equality with this wave, "A", and that of the previous wave, "C". A break below the lower green channel line would be a warning that the current uptrend is in jeopardy 7:39, The VIX did make it back above the 200 day MA this morning, but the bears need a break-out of the triangle and ultimately a break above the previous high of 23.92 to get things back to their side. One thing going against the bulls right now is the VIX has been slowly working its way higher instead of making lower lows over the last couple of weeks, at the same time the SPX was making higher highs, diverging!!!
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7:33, I updated the longer-term Fib fan chart, removing the bearish fan(it was blue) because it is no longer in play, and adding a shorter-term bullish fan (gray). The all-important level of 1131 is still in play, if the bears want to change the game they need to get the SPX decisively below that level, until then things are looking far more bullish on the fans.

1 comment:

  1. Hey Col-

    I found this link and thought it was interesting. It is the Fed plans for the week. The market will probably turn after the 7th when they are done with their meddling.

    Happy Trading ~ Q