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Friday, December 31, 2010

Friday Updates!!!

10:03, The sideways movement in the Russell for the last four days screams a 4th wave in progress.
The Bollinger bands on the daily chart continue to tighten. The 20 day MA is coming back into play with support at 1244.31. Also the indicators are starting to roll over on the daily with a cross now on the MACD giving the Histo-gram its first negative reading after trending down for the last month. A good sign that momentum has waned beyond the breaking even point.

7:50, The Dollar is challenging the low back on 12/3 of $79.06, with an inter-day low today of $79.125, if this support does not hold, the next previous low is down at $78.06. I am counting the Dollar in a "B" wave that started at the beginning of December, with the "A" wave coming up from the lows back in October. There is still a good possibility that this "B" wave could be a 4th wave.
7:58 update, the Dollar just broke the 12/3 low, now down to $79.025!!!

The FTSE Eurotop 100 index(EUR) has been hammered over the last two days, and is impulsing down, this is what needs to happen on the SPX.

7:26, Since the SPX put a top in of some sort Wednesday it still has not impulsed down like the FTSE(EUR) has done. Without a large impulsive wave down in the SPX, odds are increasing this will turnout corrective, and still in a 4th wave. Downside support is in the 1250 area, the SPX needs to convincingly break below this support and start making major lower lows. 1232.85 would be a great start for a bear count, until then the bulls still have the ball.

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