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Monday, November 29, 2010

Monday Updates!!!

7:41, The 50 day MA is now in play, after the 20 day MA became resistance.
7:29, This is definitly the chart of the month, the Dollar is still running higher, making another new high today at $81.215. $83.635 is the next level of resistance from a previous high. I added a short-term trendline in gray that should hold if this is truely a 3rd wave up. This is one chart that the Trendfinder nailed!!! (those white arrows are the signals to go long/short for the Trendfinder)
Click here for a live, and updated chart!!!
7:20, The SPX dropped below one level of Fib fan support, if it cannot quickly recapture that line it will become resistance, leaving the next area of support down around that magical 1150-55 level.
7:15, The VIX broke out and made another higher high, and in doing so also broke above the 200 day MA, which if it can hold would be bullish longer-term for the VIX.
7:09, The 1156 still is a likely spot for the "C" wave, if this is really a 4th wave retrace. Next support for the SPX is at 1173, even, below that is 1159.71, both from previous lows.
Click here for a live, and updated chart!!!
6:49, Odds are still favoring the SPX to be working on a 4th wave. The SPX gapped down to the lower channel lines right after the open, any break below 1176.91 rules out the blue "d?" wave and opens the door for a run down to 1156, if the present low holds, then we most likely would have the "d" wave in play and the SPX should head higher to work on the blue "e?" wave to wrap up the larger degree wave "B" of 4 (red).
***** update, 6:57, the "d" wave option is busted, the SPX dropped below 1176.91!!!

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