Dow Jones Industrial Average: +30.23 or 0.31% at 9802.14
S&P 500 Index: +1.09 or 0.10% at 1046.50
NASDAQ Composite Index: -1.80 or 0.09% at 2055.52
NYSE Internals: 1629 Advance. 1401 Decline.
We hit 1061 today. My range for wave 2 was 1050-1060. The sell off in the last 30 minutes or so was looking impulsive. Market internals started to go down pretty hard during the sell off. Volume also picked up to the downside. This could very much be start of wave (iii) of 1 down. However, I am hesitant to call it. The past couple of times we have sold off in the last hour, we have had a bounce the next day.
I am going to label my chart for wave 2 ending today. If this is the start of wave 3 down, we should sell off right from the open tomorrow, and any bounce should not break 1061. If we break 1061, this is still wave 2. This sell off at the end could have also been wave [1] of i of (iii). Which means if we bounce tomorrow at the open, and remain under 1061, I will label that as wave [2] of i of (iii). If that is the case, we should sell off tomorrow after a little bounce in the morning, starting wave [3].
US Dollar was down today. Crude Oil and Gold were up as a result. Gold almost made a new all time high at 1100. VIX was down nearly 4% Financials led the downside, while Healthcare led to the upside. The market leaders are starting to fade, this should bring the rest of the sectors down too.
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