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Monday, November 22, 2010
Monday after the close!!!
Here are the current signals for the Trendfinder, bearish on the daily, and bullish on the hourly.
Volume was light today, with only 916M shares traded on the NYSE, and breadth ended flat at 1.04:1 advancers. I expect volume to remain flat for a few day thru the Holidays, with large moves possible, like we saw today, but with-out high volume to back them up I do not see much in the way of major trend changes.
After being down 15 points the SPX reversed and headed higher, closing down only 1.89 points. There are two squiggles counts going and I am still favoring the 2X zig-zag a-b-c-x-a-b-c(blue) because the initial run up from the bottom for the "a"wave(red) was a three wave move instead of a five wave impulse that would of fit better into the simple zig-zag a-b-c(red) for wave "B"(red) up. Upside target for the "B" wave (red) is in the 1215 level. This count is only valid for the larger 4th wave option, as I am still keeping the doors open for a large sell-off, it is possible that the larger degree 4th wave will break down into its own zig-zag instead of the triangle posted above, in that case, the "C"wave down could approach the 1150 area, 1156.55 being the 38% retrace of the rally and 1134.42 at 50%. The 38% level is a common level for 4th waves.