Dow Jones Industrial Average: +82.60 or .90% at 9,217.94
S&P 500 Index: +9.94 or 1.01% at 989.67
NASDAQ Composite Index: +25.08 or 1.30% at 1,955.92
NYSE Internals: 2,418 Advance. 614 Decline.
Backtested the H&S neckline today around 99.46, and it seems to have held. Volume was lighter today(207M yesterday, 173M today), so it didn't really seem like the start of a new uptrend. If the H&S does play out from here, we would need to see some nice volume on our way to ~97. If not, then I guess the gap at 97.65 will have to wait to be filled.
SPX has completed three waves down from the highs, and bounced from support. Minuette wave C of Minor B seems to be coming down in 5 waves, but a break about 994.60 will probably end the pullback, since wave 1 and 4 will overlap, and we will have to change the count to an ABC for minuette wave C. However, our last confirmation will be a break of 1,000 on the SPX. That will probably start Minor C of Intermediate C, to finish Primary Wave 2.
The Daily chart also has a Bearish Rising Wedge forming, I don't know if we will make to the support line for the minor wave b pullback, since getting there will mean we broke through a lot of support, but it's still possible. I would still like to see the pullback end around 970.
Once again, if we break 1,000 we are probably going to try to take out the highs of 1,018 and possibly head to 1,040-1,050.
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