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Monday, October 18, 2010

Monday, After the Colse, updates!!!

The SPX is approaching resistance of the 200 week MA at 1195.39, it was able to contain the last rally, the big question is if it can do it again.
The SPX struggled to make todays higher high something the Russell was unable to do. This rally continues to run on fumes, and is tired, but as long as the FED is pouring Billions into it, it seems to be defying gravity. This is turning into the never-ending, corrective looking rally that has had constant over-lapping waves on going since Sept. 20th.
Breadth for the Day was only 1.95:1, advancers, on lower volume then we saw late last week.
Sooner, or later, this rally will break-down in a big way but until we get a serious break of the trendline, it is best to "Hold your nose", because as long as it continues making higher highs, the trend does remain up.

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