Market Update - 1/19/2010

Dow Jones Industrial Average: +115.78 or 1.09% at 10725.43
S&P 500 Index: +14.20 or 1.25% at 1150.23
NASDAQ Composite Index: +32.41 or 1.42% at 2320.40
CBOE Volatility Index: -0.33 or 3.97% at 17.58
NYSE Internals: 2398 Advance. 691 Decline.

Markets rally to new highs.

The SPX and Dow both made a new high today. But not by much. The SPX took out its previous high by 4 cents...

Both of my bearish counts are now out of play, and that leaves just the one bullish count that I talked about over the weekend.

Although I have it charted on the Nasdaq, I think it may apply to all indices.

It of course suggest we have new highs coming. My first target is 1158 on the SPX. These targets may ovbiously change as we develop more waves. But for now, that's where I stand.

Here is what it looks like on the Daily chart:

Here is the 5 minute chart:

Of course, this is just a rough count for now. But, we may get a small little wave (ii) before going higher. Whether we get that small retrace or not, I think it may be going higher.

The alternate count is that we topped today, but I don't support that as of now. We need to break Friday's lows first.

The US Dollar was up, and so was Gold and Crude Oil. Healthcare led the way up.