Market Update - 9/21/2009

Dow Jones Industrial Average: -41.34 or 0.42% at 9778.86

S&P 500 Index: -3.64 or 0.34% at 1064.66

NASDAQ Composite Index: +5.18 or 0.24% at 2138.04

NYSE Internals: 1012 Advance. 2014 Decline.

Looks like Minor Wave iv is in progress, but may be ending soon. The action of off today's low was still corrective, and not impulsive, so it doesn't look like Minor Wave v has started yet. Also it was a 2-1 down day, so not impulsive to the down side either.

Most of the day was also sideways, in a very tight narrow range, typical action for a wave 4.

The 1100 area should be tested soon given that wave iv ends soon, but it may take a while since we all know how long and boring wave 4's have been in the past during this rally.

Regardless, I'm sure that the next series of new highs will be the last we may see for a while.

The US Dollar also seems to have completed a perfect corrective wave pattern from its high. It looks like it is starting to rebound, which will be bad for the Equity and Commodity Markets.

US Dollar was strong, Crude Oil got crushed, Gold was flat, VIX was strong early in the day, but faded away at the close. NASDAQ was once again the leader, despite APPL and the Semi's being weak. The Financials were a bit weak also... well all except AIG.