Dow Jones Industrial Average: 20.86 or 0.21% at 9885.80
S&P 500 Index: +4.70 or 0.44% at 1076.19
NASDAQ Composite Index: -0.14 or 0.01% at 2139.14
NYSE Internals: 1645 Advance. 1354 Decline.
My counts are still in play because we did not break 1080 on the upside. Until we do, all of my wave counts are still valid.
This still could be wave 2 for a 100% fib retracement. With the big wave 3 down to follow
This could also still be the end of wave 1 of 5, and we started the wave 2 pullback to test the 1050 area before heading to 1120+
But... we still could have the truncated 5th wave, since usually truncated wave 5's are a double top.
We also continue to get some heavy negative divergence on the Daily charts. Just look at the MACD and RSI. Market is getting weaker as it goes higher. Not a good sign.
Today's candle stick could also be a potential topping doji. We need confirmation for that though.
As I said Friday, today could have potentially been the day that decided what the market does. Guess that didn't happen. Basically, if we break 1080 to the upside, we have a really good shot of getting close to 1100. If we break 1039 to the downside, good chance we go lower to test the lower 1000's. But we all know that the market likes to confuse everyone. I guess we just have to sit and wait. The answer should be coming soon. Could the answer be Dow 10,000?
Dollar was down, Crude and Gold were up as a result. Energy, Financials and Semi's were the leaders today. VIX was relatively flat, down about .48%
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