The VIX is getting close to the lower Bollinger band now, these should provide support.**Roy has a short mid-week video clip out today, you can view it by Clicking here!!!
Spain's IBEX index is having a large bullish day, up to 10,033 for the high of the day. I did have to hand draw today's candle in because Stockcharts will not have this chart updated until after our close. A last minute save from a total breakdown.
Click here for a live, and updated chart!!!The SPX opened gap up this morning, and the squiggle count held, that we are working on the black 3rd wave up, upside target for this wave is 1293, if the 3rd equals 1.61% of the 1st. that puts the 5th wave target slightly above the 1300 level, depending on where the 4th wave bottoms out. This also fits in with the breadth readings this morning, 3.17:1, advancers, not strong, but respectable.
The longer this rally lasts, the more likely we will experience a "crash"....
ReplyDeleteThis market action reminds me of the last tech ramp in 2000...
This rally has basically been non-stop since late August...