Dow Jones Industrial Average: +91.22 or .66% at 9,279.16
S&P 500 Index: +6.79 or .69% at 996.46
NASDAQ Composite Index: +13.32 or .68% at 1969.24
NYSE Internals: 1856 Advance. 1144 Decline.
Looks like minor wave b may have ended. We went to test the lows around 978 today, and it held and we got a nice 20 point intra-day bounce from there. Reminds me of when we made a low of 869 back in early July, and the next day we tested the lows around 872, then took off and never looked back.
Head and Shoulders neck line was tested again today, and it failed to hold. Yesterday I said we needed to hold the 995 area, or we would be close to confirming a new uptrend. Well, we closed above that. My line in the sand is 1004, which would also fill the gap. If we break that, minor wave b is over. If we reverse from there, minor wave b still has some hope of getting down to ~970.
If this is infact the start of minor wave c, I expect our first level of resistance be at 1004, 1014, and 1018. Any down move should find support at 991 and 978.
Looking at the lows on SPY, at 98.12, we seem to be coming up in 5 waves. Wave 5 is underway currently, and the target should be at our first support level around 100.70.
Tomorrow should be interesting!
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