Dow Jones Industrial Average: +20.63 or 0.20% at 10328.89
S&P 500 Index: +6.31 or 0.58% at 1102.39
NASDAQ Composite Index: +31.64 or 1.45% at 2211.69
NYSE Internals: 1788 Advance. 1236 Decline.
US Dollar: +0.055(0.07%) at 78.145 | Crude Oil: +0.23(0.31%) at 74.31
Gold: +5.10(0.46%) at 1112.6 | VIX: -0.73(3.24%) at 21.78
Markets close higher after volatile expiration. Led by Financials and Tech.
We slightly fractured 1095 today, but nothing too major. The low for the day was 1093. We rallied for the rest of the day after making the low in the morning. But we found resistance at 1100. Making our high at 1103.
It looks like the market is back in its range. The breakout we had last week was not confirmed with another close outside of the upper end. So it looks like the market wants to continue to go sideways.
The count from yesterday is the same. We did not overlap on any waves. We just broke yesterday's low by 2 points before rallying again. So I am going to mark today's low as the end of Minute 2. For the past couple of weeks, there has been overnight selling in the US Dollar on Sunday night. This has usually resulted in Monday's opening some what higher. If this pattern continues, and we open up higher on Monday, it may kick off Minute wave 3, which could possibly take us to new highs.
Again, it's very hard to count the move from Wednesday's high as a 5 wave move. Which means we aren't impulsing down, and that the small down move has only been a corrective wave.
I've also been talking about the disconnect between the 3 major indices. Today was another great example of that. Dow was down for a good part of the day, while the Nasdaq was still up. And the Dow closed up 0.2% while the Nasdaq was up 1.45%. This kind of activity usually occurs at tops and bottoms.
I will try and post more over the weekend if I can. Oh and, if you look to the right of the page, you will now see a Follow option. This means you can now follow my blog through your Google account. So please hit follow! :)
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