S&P 500 Index: +9.46 or 0.83% at 1145.68
NASDAQ Composite Index: +25.59 or 1.12% at 2307.90
CBOE Volatility Index: -0.40 or 2.19% at 17.85
NYSE Internals: 2246 Advance. 800 Decline.
Tech and Financials carry the markets.
The count from yesterday did not play out today. The Dow made a new high as well, but the SPX and Nasdaq did not. The divergence I have mentioned a few times is still happening, the indices are making new highs on their own, and not together.
It's still unclear whether we topped today or not. With the Dow making a new high, it only seems likely that the SPX and Nasdaq may follow soon enough. The SPX also tested resistance at 1150 today, making a high at 1148. It failed to break above it. If we break over 1150 now, this will be bullish. If we come down in a clear 5 waves, and take out 1132, this will be bearish short term.
Here is the updated count on the Dow. Once again, it looks so "perfect!" But we have seen so many perfect counts never play out. But this is a textbook Elliott Wave Ending Diagonal.
It's hard to count a bullish wave structure, because of all the overlapping. But the only bullish thing out there is that we have yet to sell off. So as long as this trend continues, we're going up.
Here is a Dow Daily chart, also a good looking Ending Diagonal.
The key numbers for now are 1132 for the down side, and 1150 for the upside. A break of these 2 numbers will determine the trend. Down if we break 1132, up if we break 1150. Whether a short term top is here or not, the markets are getting choppy, despite them going higher. It will only be healthy if we pull back a little bit.
The US Dollar closed flat, Crude Oil was down, and Gold was slightly up. Tech was leading the way higher today along with the Financials.
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