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Thursday, January 6, 2011

Thursday, After the close!!!

The $BDI, Baltic Dry Index has been running inverse to the SPX for the last year is sitting on its median channel line of support after making a lower low this week. The indicators are at extremes so if the BDI were to bounce, this median line could provide a spot, other-wise new support is down on the lower channel line. If BDI does catch a bid here and the median trendline holds, odds would favor a sell-off in the major indexes.
Here is a chart I have been watching for the last few weeks, Spain's $IBEX which is now at a very critical junction, sitting right on top of a very important long-term trendline. A break here and the $IBEX is close to toast, and will drag the European markets down with it, followed by the US. This one is definitely worth keeping an eye on for the next few days.

Today Copper signaled a sell signal on the Trendfinder with a signal that is stronger then what I have seen this week in the indexes, if Copper does follow-thru to the downside tomorrow this could be a sign that Copper is leading the major indexes on down.

I spent the majority of the day going thru different charts, and although I have been hesitating to post over the past few months any Ending Diagonal Triangles, this one could have some merit behind it. There are numerous charts that are signaling a topping process going on, and the Technicals are in extreme over-bought conditions. The squiggles on the SPX have also been hard to pin down because of the over-lapping corrective nature of the waves, all things that would fit into an ED pattern on the SPX.
Momentum over the last week has been flat, and today was no different, Breadth ended at only 1.56:1, decliners on average volume of 1.09B shares at the NYSE. Once Momentum picks back up, the big picture should become much clearer. However once the SPX breaks out of this flat range, it needs to follow-thru more then just one day to set the trend. 1262.66 is the first magic number for the bears, making a lower low here puts the up-trend into jeopardy once again.
The Trend Finder II is updated.
(Video) -Which Elliott Waves Are Best For Trading Forex?

6 comments:

  1. Really great charts Columbia1. As always very good work. Thanks
    http://dinosetf.blogspot.com/

    ReplyDelete
  2. Copper
    http://99ercharts.blogspot.com/2011/01/copper_06.html
    Enjoyed the chat room today but boy you've got to know how to multi-task!

    ReplyDelete
  3. Thanks Dino!!!!
    99er, all in a days work, LOL!!!

    ReplyDelete
  4. Euro
    Whether it bounces here will affect equities...
    http://99ercharts.blogspot.com/2011/01/euro.html

    ReplyDelete
  5. yep, I have been watching the $ibex too....

    I have few doubts that the EU crisis will accelerate

    ReplyDelete
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