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Wednesday, September 29, 2010

Wednesday, after the close update!!!

Hopefully the 4th wave wrapped itself up at the close and does not morph into a more complex corrective structure. All this consolidation is boring, and is only useful for very short-term daytraders. There is also a chance that the SPX cannot muster a break above 1150, and we could have a failed 5th, but with the RSI now in neutral territory, odds of that are slim as there is plenty of room for it to run higher for a proper 5th wave.
There is not really much to add as the SPX had an inside day and conditions remain the same as yesterday.
Breadth closed at 1.25:1, advancers, on low volume, slightly higher then 1B shares. The small caps did have the highest gains today.
The trend still remains up, and the Trend Finder stuck in neutral.

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