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Friday, January 14, 2011

Friday, After the Close!!!

Here is the updated "Wedgie" chart I showed this morning, this looks as completed as can be, with the bonus blow-over top in place at the close.
The Municipal Bond Fund got even uglier as the day progressed, closing down 1.08%
Wow, the SPX had only one direction today, up, but as strong as the price action was, Breadth was not, closing at only 1.36:1, advancers on normal volume. This smells like a blow-over top. The SPX did finish off the squiggle 5th wave up at the close, now we just need to see a sell-off to confirm a top is in. Any sell-off below today's open would also take out both of the thin channel lines that have been support for the last few days opening the door for a test of that previous low at 1261.70.
If the market goes up hard Tuesday morning, it would really stretch the count out too far making me think something else is going on.
With all the action today, I have a lot of charts to work with and post over the week-end, so check back occasionally.

3 comments:

  1. Great job. Do you think a nice stock market correction will cause a "flight to safety" & hurt my long term bond shorts? Thanks! Jordan

    ReplyDelete
  2. RUT
    Back test and then....
    http://99ercharts.blogspot.com/2011/01/rut_14.html
    Have a great weekend!

    ReplyDelete
  3. Attitude, I will have a post over the week-end loking at TNX, and the 10 year!!!

    ReplyDelete