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Friday, December 10, 2010

Friday, After the Close!!!

There seemed to be only one direction for the SPX today, UP. A slow and steady push that lasted the entire day with the SPX closing at its highs of the day. Using the RSI on this chart, odds are good that a top is very close-by. The RSI should diverge and not make a higher high above the December 6th high, which was the iii of 5 top. Also possible that this 5th wave could finish up in after-hours trading and open gap down come Monday morning. More charts to come tonight and throughout the week-end. A quick note on the Hindenburg Omen, today we close with even more new 52 week lows then we did yesterday, even after all the indexes closed higher.

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