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Tuesday, January 25, 2011

Tuesday Updates!!!

Update on the Dow Theory, the Dow DID make another new high this morning, as the Trannies were making new lows, non-confirmation remains really bearish!!!
BTW, The Russell 1000, RUT, has also made a new low this morning.
Here is an update to Light Sweet Crude Oil, I showed yesterday when it was testing the lower trendline of the rising bearish wedge, it broke thru this morning, impulsively, nest level of support from a previous low is down at $80.28.
Click here for a live, and updated chart!!!
The SPX is down slightly this morning, and the wave action continues to be corrective, with the squiggles over-lapping each other. The short-term trend now is neutral, flat, sideways, and anything other then up or down. The SPX needs to break out of this zone impulsively to determine its short-term trend. Longer-term the trend is up, but technicals are suggesting that we are in the midst of a major trend change.

2 comments:

  1. Michael - Could you please chart out long term treasuries? Thanks...

    ReplyDelete
  2. Attitude, no problem!!!
    I have some long-term charts of TNX already done up, check my charts on Stockcharts, page 6.

    ReplyDelete