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Tuesday, January 11, 2011
Tuesday, After the close!!!
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.