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Wednesday, October 20, 2010

Wednesday, After the Close, updates!!!

$BKX is having a tough time, and did not even close in the green today. The health of the over-all markets is not good if the financials are not participating and any rally without them is fragile.
After the close, I have a 1-2 down in BIG question marks because yesterday's sell-off is not a clear-cut impulsive and can also be counted as part of a corrective wave of some sort. The last few sell-offs have also been very hard to count a clear-cut five wave impulse down because of over-lapping and missing squiggles, all also have had large retracements as the 2nd wave up would retrace over 61.2%. These POMO days are really skewing up the Elliott wave counts and are making orthodox EW counts nearly impossible to figure out.

The up-trend does still remain in serious jeopardy until the SPX makes a higher high. Today's Breadth numbers were lower then yesterday and closed at 3.175:1, with also a decrease over yesterday's volume giving the bears a glimmer of hope that a top could be in. The SPX is really having problems with follow-thru, where we got one strong day that seems to start a trend, then the next day things fall apart. The longer-term Technicals still suggest we are in a topping process, but until we have serious follow-thru this could drag on for a few more days.

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