S&P 500 Index: +3.29 or 0.29% at 1144.98
NASDAQ Composite Index: +17.12 or 0.74% at 2317.17
CBOE Volatility Index: -0.93 or 4.88% at 18.13
NYSE Internals: 1851 Advance. 1177 Decline.
Sorry for having to take down the blog earlier this week, I had some issues on it with some things not working right, took me a while to figure out what it was, lol... Everything is fine now though. :)
A lot has happened in the past 4 days, including new highs for the SPX. As I have said for a long time, if we were to ever break over 1132, we would most likely get a run towards the mid 1140s to 1150. Here is a chart I posted back in December.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIwCmq-DyyfGYECxkTiDcNc-MPheX7GcSyghPSzMw46Qh-OvjtZ6lYL6aLbaGm58V_y37VN395sxSL1ip4R5jYrq8UQXnJOWy2Tmat1-EMVDUxMcNBw34UIcjuvaqHWnOuQ4ItNZ3ENS4/s1600-h/12-24SPXDailyFib.png
You can see I had some Fib targets in that area. For the past few days now, we have been bouncing around in the 1140 area. We were able to break out of that area late today, making a high at 1145. As you can see on the chart link above, 1145 was one of the fib targets. It looks as if the market is getting a little tired. We grinded higher for most of the week, except for Monday, ovbiously.
So really, today could have been the "top." Yeah... we've heard this many times. Here is a potential count:
It looks "good." But we have seen good counts fail in the past, let's see what this one does. I'm not favoring this count too much at the moment. If we break some support lines on Monday, then I may look into this count more, but for now... it's just a rough estimate. Time will tell us how this plays out.
Of course, we could easily continue higher from here and test 1150. There is some big resistance at 1158, so that 1150 area will be tough to penetrate the first time around.
Looks like Apple may be forming a potential Head and Shoulders pattern. The right shoulder doesn't look complete yet, but when it completes, the H&S could potentially take us down to 202. As you can see on this chart, it will also fill a gap up that is open for a few weeks ago. I'll keep updating on this H&S as it unfolds. The neck line currently lines up around 209.20-ish.
The US Dollar was lower. Crude and Gold were relatively flat. Financials were weaker as well.
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