Dow Jones Industrial Average: -11.11 or 0.11% at 10426.31
S&P 500 Index: -0.52 or 0.05% at 1109.80
NASDAQ Composite Index: -10.64 or 0.48% at 2193.14
NYSE Internals: 1409 Advance. 1621 Decline.
Markets continue to consolidate after worst than expected Housing Starts.
We continue to go sideways in a very tight narrow range. We did not break yesterday's low, so I will leave that labeled as the wave iv low. I still believe we have a move higher coming, most likely to 1122 on the SPX. There is a low of resistance in the 1118-1122 area. Breaking that will be bullish, and would mean we most likely have a move coming to take us to 1150.
We have moved sideways for about 2 days now. There are a lot of negative divergences on all the time frames, a move higher will only confirm this. The hourly chart also seems to be in a wedge. The upper line of the wedge lines up with 1122 somewhere towards the close tomorrow.
US Dollar was down. Crude Oil and Gold were up. VIX was down. Technology led the downside.
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