Dow Jones Industrial Average: +124.17 or 1.28% at 9789.36
S&P 500 Index: +18.60 or 1.78% at 1062.98
NASDAQ Composite Index: +39.82 or 1.90% at 2130.74
NYSE Internals: 2426 Advance. 609 Decline.
Regardless, the rally today to 1065 wasn't unexpected. The only thing that is surprising is that it happened too quick and the internals were a little too impulsive. Not looking good for the bears right now. I will post 2 charts with my wave counts. One being my main count, other being my alternate count.
Main count:
Alternate count:
I'm afraid that my alternate count will play out, partly because we did impulse up today. Everything pointed to an impulse up except the volume. That's the last hope for the bears. If the volume comes into this market, it could sell off. Another reason I think my alternate count will be right is because the "sell off" at the end of the day today was weak. Looked more like a subminuette wave 4. If my main count is right, we should start selling off hard tomorrow because wave (2) completed today at the 61.8% fib retracement.
If the bullish count is right, we will tag that yellow upper trend line on the SPY daily, getting a partial gap fill.
Dollar, Crude and the S&P were all up today. Odd. I still think the S&P/Dow are wrong. Dollar should be rallying, markets should be selling off. Gold was flat. VIX was down. Financials by far were the leaders today, followed by Technology and Metals/Industrials.
0 comments:
Post a Comment