A second lack-luster day, with weak Breadth and Volume numbers, Breadth closed at 1.42:1, on only 940M shares. I did add a squiggle count to the above chart, a 1-2 up(black), we shall see how long this last, squiggles have been very unreliable for the last few weeks. This count would carry the SPX up towards the 1300 level. Not really much more to add that the previous posts have not already covered with the SPX stuck in this 17 point trading range for the last seven trading days. Upward momentum has really waned, so a truncated 5th wave remains on the table, it might not take much to push the SPX over the edge to where it starts making lower lows, a breakout of The Dollar might do it though, BTW, the Dollar tested the upper boundaries, but was unable to make a higher high today.The Trend Finder II has been updated, but there were no changes today.
1300 is in the bag count it up.
ReplyDeleteHappy new year Michael Eckert
ReplyDeleteSPX nothing change expect more upside 1292-1324 coming above 1220. Close below 1262 possible will test 1254 and below 1254 will test 1220.
But dax losing momentum.
Hi traders
Dax Losing momentum last sessions.
Below 7010 daily chart expect continuatuon dowswing next suport/target range [6895,6820].
Dax Daily beas bullish nothing change last months. Ema, trendline and fibonacci suport beas bullish, key level short-term remain intact 6820.
Last monday perfect test trendline 6842 hold and started pullback.
Today fill gap open monday but close below 6948 first resistance now short-term.
Two consecutive Closes below 6820 next level/target 6660 possible extension to [6480,6570] remember good suport last months ema200 sitting 6350."
tO see the chart and more update:
http://followmarketrend.blogspot.com/
EURUSD
ReplyDeleteIf AB=CD, then EUR target is $1.22.
http://99ercharts.blogspot.com/2011/01/eurusd_11.html