Market Update - 9/17/2009

Dow Jones Industrial Average: -7.79 or 0.08% at 9783.92

S&P 500 Index: -3.27 or 0.31% at 1065.49

NASDAQ Composite Index: -6.40 or 0.30% at 2126.75

NYSE Internals: 1344 Advance. 1705 Decline.

Made another new high today, but sold off a little bit into the close, but not as impulsive, so I'm marking it as a corrective wave for now. The SPX hit 1074 today. Getting even closer to my target of 1100.

After looking at my 5min chart again, it appears that once again we are coming up in a 5 wave structure, but it doesn't look complete yet. 1096 looks like a good Fib target for now. Who knows, maybe SPY will make it to gap fill at 110.34. Speaking of SPY, it seems to be halting at some major gap resistance.

Today's daily candle stick printed as a Bearish Harami candle stick. We've seen this pattern a few times in a couple of weeks now, but it hasn't worked at all. But nevertheless, it is still a bearish pattern. Should this play out, we need to close below the lows of yesterday, which are 1052.87 on the S&P500 and 9679.19 on the Dow.

VIX is starting to crawl back up. US Dollar is still weak, Financials are still strong, seems like the Financials are filling in for Tech. Oil continues to show a little weakness and Gold almost made a new high today.