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Thursday, December 30, 2010

Thursday Updates!!!

10:45, Light Sweet Crude is getting hammered today, even though the Dollar is down. Trendline support is down at the $86 level. BTW, Sugar also is down 10% on the day.
The SPX is the latest major index to have a sell signal flashing intraday, it still needs to close bearish to confirm the signal because the Trend Finder II is based on daily candles. Click here for a live, and updated chart!!!
The SPX is right on the support of the short-term bullish Fib fan line, a break here moves support down towards the 1225 area. All indicators on the daily chart remain in over-bought territory
The VIX did manage to break above the 20 day MA at $17.38, however the Bollinger bands are starting to tighten up. The VIX really needs to break above the trendline of resistance and make a challenge of the previous high at $23.84 to confirm a bearish move on the equities.
Click here for a live, and updated chart!!!
7:43, The SPX is down on the day, what is lacking is a decent impulsive look to the sell-off, right now it can be counted as a 1-2, i-ii down, or a corrective count a-b-c because of the over-lapping waves, until the SPX gaps down hard for a 3rd wave, odds lean towards a corrective count.
1251.48 is the first important previous low that needs to get taken out for the bears case.
*My stop on TZA was taken out at the open, for now I am sitting on my hands and re-evaluating a new entry point and stop set-up.

1 comment:

  1. It's simply amazing to observe this can just sense how Euphoric Wall street feels.

    Europe doesn't matter, China doesn't matter, ...nothing matters.

    Stocks will only go up and up and up