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Tuesday, January 4, 2011

Tuesday, After the Close, Markets Rolling Over???

Really interesting and important day in term of technicals today, small caps and commodities got absolutely hammered, making some of their biggest one day losses that we have seen for a few months as Silver closed down 4.26%, and The Russell down 1.60%. Having large parts of this market sell-off like this is not healthy for a sustainable rally, and can be a early warning sign that the markets are top heavy and in the initial stages of a much larger sell-off.
The Russell does have a pretty decent looking impulsive wave down, much cleaner then the SPX, but both indexes need follow thru tomorrow to the downside. Today's Breadth numbers were very weak over-all (much higher on small caps) closing at only 1.71:1, decliners, on average volume of 1.09B shares traded on the NYSE. These number HAVE to improve for the bears, otherwise any chance of today's sell-off leading to something larger go out the window. The Lower black channel line along with the previous low of 1254.19 (the highlighted yellow circle)are VERY important levels of support right now that the bulls need to hold, BTW, that same low on the Russell was broken today.
The post below contains a lot of charts including some squiggles on the SPX and the Russell that were posted intra-day.
The Trend Finder II has been updated, and there were two changes this afternoon, Gold and Silver both confirming sell signals.
More charts coming this afternoon as their are updated.

A New Year: Will There Be a Bullish Miracle on 34th Street?

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