Dow Jones Industrial Average: +29.78 or 0.28% at 10710.55
S&P 500 Index: +2.78 or 0.24% at 1148.46
NASDAQ Composite Index: +8.84 or 0.38% at 2316.74
CBOE Volatility Index: -0.22 or 1.23% at 17.63
NYSE Internals: 1732 Advance. 1300 Decline.
Markets crawl to new highs on Earnings expectations.
The SPX finally pushed to a new high today. But we failed to break 1150 yet again. This area is still serving as resistance. If we get a clear break, I still believe we may have some more upside.
The Dow chart I posted was a bearish alternate, and ovbiously it did not play out. My primary count is still slightly bullish. We may still have enough power left to get to at least 1158 on the SPX. That is a nice Fib. target.
Here is the Dow count:
So far, the wedge is holding well on both sides. We may get a slight throw over above it though.
Looking at the SPX chart, we have come up in 5 waves from the low on Tuesday, however, the 5th wave may not be complete. The target for that is roughly 1151.52. Let's see if we break that tomorrow.
The bearish count? Well, there are no bearish wave structures really developing as of now. We need to break back below 1140 before I see something bearish developing.
But in a way, I am glad we made a new high. This may be the only bearish thing out there. Today, January 14, 2010 marks the .618 time retracement of this bear market. From the Oct 2007 highs, to the Mar 2009 lows, we have now retraced over 50% in price, and 61.8% in time.
As for Apple, it fell shy of it's H&S target, but we are not finding resistance at the neckline. A breaking to the upside of this trend line will be bullish.
The US Dollar, Crude Oil and Gold were relatively flat. Tech was stronger on earnings expectations.
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