Score one, Meredith Whitney!!!Municipal Bonds are getting hammered, down close to 1% and making new lows after breaking down below the long-term trendline. New 52 week lows are increasing dramatically because of this, and are now up to 143 issues. BTW, new 52 week highs are also down to 116, which is very unusual because the major indexes are making new highs. Very possible that we could get a Hindenburg Omen today if the McClellan Oscillator goes negative.
**Update on the SPX, it did break up and make a new high, currently working on the 5th wave squiggle!!!
This is picture perfect bearish rising wedge being built on the Nasdaq 100 ($NDX) that is close to complete needing only one more new high to test the upper trend line. A throw-over is a common occurrence for the last squiggle in this pattern.
7:28, There is a nice divergence on the RSI now for a top of some sort to happen on the SPX, a break below support of the 20 day MA at 1265.71 would be another confirmation that a top was in. Current resistance from this chart is the upper Bollinger band at 1289.32.
7:02, Gold moved down last night, but still has not made a lower low from the previous one made on 1/7 at $1352.70, a break below here should accelerate the decline.
Click here for a live, and updated chart!!!The squiggle count is still holding, but the SPX cannot drop down below 1277.25 without first making a higher high for the 5th, or else the 4th wave enters the 1st wave, voiding out the count. The Russell did make a new high yesterday so a truncated 5th is on the table.
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