Dow Jones Industrial Average: -10.88 or 0.10% at 10441.12
S&P 500 Index: +1.25 or 0.11% at 1109.18
NASDAQ Composite Index: +5.86 or 0.27% at 2206.91
NYSE Internals: 1969 Advance. 1068 Decline.
US Dollar: -0.085(0.11%) at 77.215 | Crude Oil: +2.00(2.83%) at 72.69
Gold: +16.00(1.43%) at 1138.7 | VIX: -0.95(4.42%) at 20.54
Markets flat after Fed announcement.
Guess the bearish wave structure is out of play. Like I said yesterday, if we break 1110, the bearish count may have to be nullified. We made it to 1116 today. The high of 1119 from a few weeks back has held up pretty strongly though. Every time we come within 3-5 points of it, sellers come in and push it right back down. Same thing is happening for the Dow around 10500. And once again, the Nasdaq was the only index to make a new high today.
The extremely bullish count is that today ended minute wave 1. We have a small little pullback to 1100 for minute wave 2, then explde to the upside, making new highs for minute 3.
I don't favor this count too much at this point. It seems too perfect. Plus, I think it would just throw the bullish sentiment to exteremly exteremly bullish. As if it isn't extereme already...
But however, I do favor potential new highs coming. But nothing too big. Maybe a few points above what we have already hit. Perhaps 1125 or 1130 on the SPX.
The bearish alternate is ovbious. Break 1085.
Volume continues to be dry. Market breadth isn't strong in any direction. All in all, this market is very dull and weak right now. Some sectors and stocks have already shown signs of cracks. The US Dollar is strenghtning. It's really only a matter of time now until these markets turn around.
Crude Oil also looks like it may start to head south soon. The backtest of this line looks complete. If Crude Oil goes, so will the rest of the commodities. That should add fuel(no pun intended) to the surging Dollar.
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