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Wednesday, October 13, 2010

Wednesday Updates!!!

8:25, The Nasdaq made a NEW high, breaking above 2059.42, the previous high made back in April. The NDX does have a different count going then the SPX, where the latest sell-off from the April highs can be counted as a 4th wave, and this current rally the 5th. This is because the NDX made its bottom in 2009 in a corrective wave down (A-B-C), and since has been in an impulsive wave up.
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7:12, The SPX has broke thru resistance at 1173, and is impulsing higher this morning doing some major technical damage to the bears. The long-term trendline from the all-time highs has unmistakably been broke, as well as the last major previous high. On the shorter-term the SPX also took out the trendline that started September 20th, the same time period where the squiggles became uncountable to any degree of accuracy (IMHO). Upside resistance now is the last gap up around the 1200 level, and the 50 month MA up at 1207.16 before a test of the highs, 1219.80. Currently breadth is running near 4:1, advancers, which is a strong reading, but nothing close to the highs of this rally. The trend does remain up until the SPX can start making lower lows. 1155.71 is first in line for that to happen. On the flip-side, this morning spike up could also be a throw-over of some sort, but would need to have a very dramatic reversal ASAP that would breakdown making lower lows in an impulsive fashion.
7:30, The Trend Finder went to 50% bullish, with TNA at 53.06, stop at 52.73.

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