Dow Jones Industrial Average: +4.23 or 0.04% at 9543.52
S&P 500 Index: +.12 or 0.01% at 1028.12
NASDAQ Composite Index: +.20 or 0.01% at 2024.43
NYSE Internals: 1437 Advance. 1562 Decline.
We seem to have finished wave [iv] today. I had a target of 102 on SPY, we got to 102.49. Looks like wave [v] is now starting, which should take us to new highs. I'm looking for 105.
The only thing that is concerning me is the daily chart. It's not looking too healthy for the bulls. We are forming new highs, but the candlesticks keep printing as a Doji or shooting star. Those are normally reversal patterns. We are also nearing the crossroads of some major trendlines, and we keep slamming up against the upper resistance line of the bearish rising wedge, which is in line with the upper Bollinger Band. It's gonna take a lot to get this thing over 1050 on the SPX.
There are no major leaders in this market either. Financials seemed to have topped, and energy can't get us going because the dollar seems to be rising. The market is also virtually ignoring some of the "good" news thats been coming out, (ie new home sales, durable goods, home price index.) It's looking like the end is very near for this rally.
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