Dow Jones Industrial Average: -21.61 or 0.23% at 9487.67
S&P 500 Index: -4.64 or 0.45% at 1025.21
NASDAQ Composite Index: 9.37 or 0.46% at 2048.11
NYSE Internals: 990 Advance. 2022 Decline.
Most of the day was sideways after the sell off this morning. It also took the shape of a triangle. Seems like a wave 4.
We broke out of the triangle at the close, so it seems that wave 5 of (iii) must have started. 1010 on the SPX seems like a good target for now, or it could truncate at 1018.
We are sitting right on the lower line of the wedge from March. A break of this will give us more proof that the Primary Wave 2 rally is over. Every time we have hit the lower line of the wedge, we have gone on to make new highs. This time looks a little bit more different since we are selling off a little harder than we did the last time.
US Dollar was slightly down. Crude was down about 1.6%. Gold was up. Financials did end up being positive on the day, but just slightly. VIX was also up once again today.
I will try my best to post a weekend update.
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