Market Update - 11/10/2009

Dow Jones Industrial Average: +20.03 or 0.20% at 10246.97

S&P 500 Index: -0.07 or 0.01% at 1093.01

NASDAQ Composite Index: -2.98 or 0.14% at 2151.08

NYSE Internals: 1286 Advance. 1755 Decline.

Choppy and volatile day today as the markets closed mixed.

The SPX did not make a new high today. It stayed under 1101.34. Most of the day was choppy and sideways. We can now count 5 waves up from our second (X) wave. Minute wave 2 could have ended today. The sell off at the end wasn't impulsive enough to support that though.

Today could have also been a sideways consolidation for a new move higher later in the week. With the bond markets closed tomorrow, volume should be light. Markets are easily manipulated on light volume. I wouldn't be surprised if they ran it up to new highs tomorrow.

This week also marks the day of the 50% time retracement of this bear market. We have now retraced nearly 50% in price and 50% in time. Whether or not we make a new high for the uptrend tomorrow doesn't really make a difference. If Elliott Wave and Technical Analysis are true, this market should be close to topping real soon, if it hasn't already.

If tomorrow is down, and down big, then we will continue to head down a lot farther. If we make a new high tomorrow, meaning we break 1101, we will probably test 1108.

US Dollar was flat along with Crude Oil and Gold. VIX lost 1.34% No clear leaders to laggers in the market today, as most of the major sectors and indices closed mixed.