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Wednesday, February 2, 2011

Wednesday Updates!!!

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11:04, The Bollinger Bands are getting really tight now, a sign that the consolidation of this 4th wave is about to wrap-up.
9:07, Here is the long-term, daily chart of the Russell, this is one chart that has not had any changes to the labels, or channel lines, for many months. There are major divergences happening on the RSI, with its peak way back last April, even the short term diverged, when the RSI peaked a few days before the Russell made its high. The MACD is also trending down, and once it reaches below the zero line it signals that we are entering a bear market.
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8:55, The 1-2 down count on the Russell still has legs, but needs to break down and take out support from the Gray lower channel line. The black median channel line is currently acting as resistance.
The Dow made another new high this morning, while the Transports are getting smashed, down 0.97% on the day, this divergence continues, and is longer-term bearish until, or if, the Transports can confirm the uptrend by making new highs.
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So far a relatively flat open across the markets. The 4th wave squiggles is still playing out in the SPX, with higher highs most likely. The RSI peaked, which is typical for the top of the 3rd(black) wave, and then it should diverge for the 5th.
-Trendlines: How a Straight Line on a Chart Helps You Identify the Trend


  1. and the tax payer keeps on bailout the banks^DJI,XLF,XHB,FAZ,C,BAC,GS

    meanwhile, the bonuses just keep on getting bigger

    Just sickening