Dow Jones Industrial Average: -67.03 or 0.67% at 9995.91
S&P 500 Index: -8.88 or 0.81% at 1087.68
NASDAQ Composite Index: -16.49 or 0.76% at 2156.80
NYSE Internals: 1041 Advance. 1970 Decline.
We did break the yellow trendline I was talking about yesterday. But we did not get the wave 4 and 1 overlap. The overlap lies at 1075 on the SPX. If we break 1075, good chances that we could be heading lower. For now, I am going to label today's low as the end of wave iv. We should see a new high above 1096 on Monday or Tuesday if that is the case. If Monday is to gap down and break 1075 and 1065, good chances are that we will head a lot lower. We would need to break this new potential blue trendline I have showing in the picture first.
If we do continue higher, 1100 will most likely be met.
The reason I believe that we have not yet topped is because we really didn't impulse down. The A/D never got too bearish, volume wasn't heavy too the downside, and the waves down look corrective. But we have to keep an eye on those key support pivots, if we start breaking these pivots, it is likely that we have topped.
US Dollar was flat, up only .09%. Crude Oil nearly hit $80 a barrel. Gold was also slightly up. Financials were leading to the downside today, followed by the Semi's. VIX was down and the SPX was down... strange.
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