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Wednesday, November 3, 2010
Wednesday, after the Close, updates!!!
Although the SPX closed above the 200 week MA, the 50 month MA is still providing over-head resistance at 1204.50.
The short lived downtrend is in jeopardy in the Summation Index as it has now managed to print back-to-back black bars.
Up volume over-all is still declining, but it was down volume that has made the sharper decline over the last week.
The Canary is not quite finished off yet, as the BKX closed slightly above the last bullish Fib fan line, soon it will hit over-head resistance of the bearish fan, maybe this birds last breath!!
Wild day on Wall Street, with another $600 billion appearing out of thin air as the FED does all it can to destroy the dollar, while kicking the can down the road for 8 more months. Call it want you want, but in my book it is pure Government manipulation of the US markets. Hopefully one day Congress will grow a back-bone and audit the FED, so the American People can see how blatantly our Government is buying its own debt with freshly printed Dollars diluting the current currency pool. So now, our Dollars are worth less, and the debt is compounding. Incredible, and if this was done in the public sector, there would be massive jail sentences for everyone involved.(Rant over)
The SPX did have a volatile day after the FED announcement and closed at the high of the day, but short of hitting resistance of the median channel line. One bullish highlight is the SPX did manage to finally close above the 200 week MA, which was at 1193.14, and the VIX plummeted down 9.32% on the day.
Breadth closed the day at 1.35:1, advancers on an increase of volume, close to 1.1B shares on the NYSE.
As ugly as it seems, the SPX confirms that the up-trend is on-going as it made another new high today, and is now really pushing the limits for this rally to be labeled as an impulsive wave with the majority of this rally now consisting of corrective waves, an Elliott wave nightmare!!!