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Monday, November 15, 2010

Monday Updates!!!

The Dollar continues to print higher highs with $78.76 the current HOD, channel line resistance kicks in around the $79.25 area, and resistance from the previous low is at $80.17.
7:53, TNX, which tracks the yield on the 10 year Treasury bond has exploded to the upside this morning making a higher high on a large gap-up open, something that was expected because the indicators have been rolling over to a buy after diverging for the last couple of months. Seems like investors are fleeing the US bond market with the only large buyers being the FED, suggesting that QE2 has back-fired, so much for Ben's plan of holding rates down.
Click here for a live, and updated chart!!!
Besides the SPX bouncing off of the support of the 20 day MA, it also bounced off of the final gray Fib fan line of support, keeping this fan valid.
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7:34, With todays move, the SPX has broke the impulsive 1-2 down option as the 4th wave entered the 1st, leaving the only viable option a corrective wave down from the high of 1227. This option fits in best as a 4th wave that will most likely consolidate over the next couple of weeks before heading higher in a 5th wave. The time that is spent consolidating will help burn off over-bought conditions to allow that final move higher before the start of a larger correction down. Any break below 1170 at this point should mean something else is going on and a major correction is already under way. The SPX has no business under this level for this degree of a 4th wave. Also of important note on the above chart, the RSI is entering into over-sold territory, this also puts higher odds on a short-term run-up.

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