After the close, the trend continues up, as the important low of 1141.45 was never broke. The SPX is right on track drawing out its 4th wave, with most likely the "B" wave finished up this afternoon. I expect at least another day of this consolidation before breaking higher to complete the 5th wave around the 1200-1225 levels. The short term charts are now over-bought and ripe for the "C" wave down to begin, if it has not already done so.Breadth for the day was only 1.97:1, advancers, on average volume. Those numbers support a 4th wave just just fine.
Boring will be the key word for tomorrow, and as long as this 4th wave lasts.
11:22, The VIX has managed to stay above the support of the October '07 low at 16.08 and the April '08 low of 15.82, it is very important for the bears that these two lows hold as support.
Click here for a live, and updated chart!!!7:45, The SPX is still on track drawing out in a 4th wave with higher highs to come in the 5th wave up. The trend remains up, with 1152.88 being a minor low, and 1141.45 being a major low, that breaking below would confirm a new trend downwards has began.
Click here for an updated real time chart!!!
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