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Tuesday, October 26, 2010

Tuesday, After the close, updates!!!

Finally, the percent of stocks above their 50 day MA has crossed over the 20 day MA, normally a very good sign that there is a trend change. Unfortunately, the way the rally has acted lately, I would really like to see follow-thru before calling a top.
Down volume is finally starting to over-take up volume, another sign the up-trend is in trouble.
OK, this is really getting ridiculous, the over-lapping corrective waves just continue to build closing in on six weeks now of this mess starting back on October the 20th, all with-out a decent break-away that did not immediately get over-lapped. The MACD, and Histo-gram have also gone flat, as momentum has only been trending slightly bullish. Even the Trend Finder has been unable to signal any strong signs of a bullish market, only short-term weak signals.
The SPX seems unable to break-away to the upside, and that normally is signaling that when a break does occur it will be big. A wound-up spring that gets tighter everyday.
Today the SPX closed as flat as possible, with a 0.00% reading at the close, LOL!!!
The move off of yesterday's high of 1196.14 seems much more corrective looking then impulsing suggesting that the SPX most likely will make another higher high.

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