Market Update - 8/24/2009

Dow Jones Industrial Average: +3.32 or 0.03% at 9509.28

S&P 500 Index: -.56 or 0.05% at 1025.57

NASDAQ Composite Index: -2.92 or 0.14% at 2017.98

NYSE Internals: 1551 Advance. 1475 Decline.

A good reverse intra day today. Gapped higher, ended up closing negative... barely. But nevertheless, it closed well off the highs.

Looks like minuette wave 4 of 3 just finished, with the 5th wave push still to come. If we break below 100.93 before making a new high, that will probaby be our first signal that the Primary Wave 2 rally has ended.

We did break out of a channel today, as well as broke under some support at 103.13(Friday's high).

If this is truly the beginning of Primary Wave 3 down(either retest March the lows or make new lows), we need to sell off and close below 100.93. But until then, the target of 105+ on SPY(S&P500 at 1050) still stands.