Dow Jones Industrial Average: +199.89 or 2.05% at 9962.58
S&P 500 Index: +20.78 or 2.25% at 1066.11
NASDAQ Composite Index: +37.94 or 1.84% at 2097.55
NYSE Internals: 2504 Advance. 552 Decline.
Yet, the A/D was only about 5:1 up. Not impulsive. Looks like wave 3 did complete at yesterday's lows. Today's bounce was a strong wave 4. We have not violated any wave rules on the SPX or Nasdaq, however the Dow did overlap some waves.
Regardless, the SPX count remains bearish. Wave 4 could have finished today. We hit the 38.2% retracement. We also back tested that all important trendline we broke yesterday. The bulls could not push it high enough to close back in the trendline.
Tomorrow should basically close down for this count to be valid. We must NOT break above 1075 on the SPX. If we do, the bearish count will be wrong.
US Dollar was down. Crude Oil and Gold were both up. VIX was down about 11% today. Financials led the way on the upside. The Nasdaq continues to remain the weakest of the 3 major indices.
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