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.
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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