Market Update - 8/27/2009

Dow Jones Industrial Average: +37.11 or 0.39% at 9580.63

S&P 500 Index: +2.86 or 0.28% at 1030.98

NASDAQ Composite Index: +3.30 or 0.16% at 2027.73

NYSE Internals: 1616 Advance. 1376 Decline.

Finally hit my target of 102 on SPY, and got a pretty decent bounce from there that lasted pretty much the rest of the day.

We also finished off wave [IV] today, and started our journey to 105, which I believe should end either tomorrow, or early next week.

We seem to be in the dead center of of (3) of [V]. The end got a little choppy, so it was probably [iv] of (3). I am expecting a gap up tomorrow, then a small little pullback and then a run up towards the end of the day. Hopefully we get to the 105 area and call this rally over.

We did make a new closing high on the daily, but we still remain under some key trendlines.