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Wednesday, December 8, 2010

Wednesday, After the Close

The long-term chart of the Dollar is still looking bullish with the MACD rolling over to a buy now. It would be another good sign to have the Dollar close over the 20 week MA of $79.80 on Friday.
The SPX kept hitting a brick wall today at the 1229 level, in what is best describe as an on going corrective wave. The tables did turn , as the Russell was down 0.05%, and the BKX was up 2.95%. This whole rally has had the small caps leading and the financials lagging behind the SPX, there might be something to this switch as it is very possible that the small caps will lead us down in the next sell-off. One of the biggest losers today was Silver, closing down 4.6% and $2.33 off of its high yesterday morning.
Over-all the trend does remain up until the SPX can start printing lower lows, but it feels more like the trend has stalled, and might be reversing.

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