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Friday, October 1, 2010

Freiday, after the close updates!!!

The SPX went nowhere and printed another inside day. The 1-2, 1-2 down count can equally be counted as a triangle that would move the SPX to new highs, only higher highs, or lower lows are going to solve this puzzle. The consolidation over the last two days is causing the RSI to move toward oversold territory, supporting the triangle option that the SPX still has more left on the upside. Very possible that we are still in a complex corrective 4th wave that started last week with the red circle encompassing that tight price action. It is a good time to be in cash, or lightly invested until the charts start to lean in one direction because as of now there are conflicting signals across the board, all with weak momentum and volume. (cash is a smart postion when things are unclear).
Breadth for the day ended at 2.21:1, again weak, and not much help in determining what the market wants to do short-term.

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