Market Update - 10/27/2009

Dow Jones Industrial Average: +14.21 or 0.14% at 9882.17

S&P 500 Index: -3.54 or 0.33% at 1063.41

NASDAQ Composite Index: -25.76 or 1.20% at 2116.09

NYSE Internals: 1053 Advance. 1983 Decline.

Both of my counts from yesterday are still in play. We did make a slightly lower low today at 1060 on the SPX. About 5 points lower than yesterday.

Since the new low was not too far away from yesterday's low, this makes both counts still possible. The only reason I lean more towards the bearish count is that because we did not impulse up after the low. In fact, the Nasdaq was weak all day. Only the Dow was strong, due to the energy sector.

Bearish: We open flat or slightly higher before going lower later in the day.

Bullish: We basically explode to the upside in wave (3) of [3]. But like I said, at this point this is a weak count because of the Nasdaq.

The current count on the Nasdaq supports a possible new low tomorrow.

The Daily chart looks like it is starting to rollover and potentially topped.

US Dollar and Crude Oil were both up today. Strange? Gold was down. VIX was up again. Tech was by far the leader to the downside. Energy kept the Dow and SPX afloat.