Market Update - 9/11/2009

Dow Jones Industrial Average: -22.07 or 0.23% at 9605.41

S&P 500 Index: -1.41 or 0.14% at 1042.73

NASDAQ Composite Index: -3.12 or 0.15% at 2080.90

NYSE Internals: 1689 Advance. 1342 Decline.

SPY finally hit the 105 mark today. High for the day was 105.30. SPX made it to 1048.18. One penny away from the Fib extension where Minor C = .618 x A. This is also close to the 1050 area that was the target for if we ever broke 1039.

More negative divergences again today. RSI still diverging, MACD still diverging... Financials don't make a new high, oil drops, and market down despite weak dollar.

Today's candle stick could also be a potential reversal pattern. It was a Doji, and at the same time it formed a Bearish Harami Pattern. This is not a standalone pattern though, we need some confirmation. I would like to see Monday close below the lows of Thursday, then we would get our confirmation that the reversal pattern is in play. Today was also lower volume than yesterday, which adds to the case this may infact be a Bearish Harami Pattern.