Market Update - 3/26/2010

Choppy and volatile day once again today. It seems corrective still. We did have a down move this afternoon, but it's hard to count a clear impulse off our highs at 1180 on the SPX.

I'm going to stick with my bullish count for now. It seems to be working the best. I have it charted on the Nasdaq since the waves seems a little bit more clear there.

Basically, we are in a wave (iv) in an ending diagonal. It doesn't seem complete, but it could reverese back up at anytime. If not, we may come down a little bit more, tag the support line and run back up.

Apple made new highs today, reacting to an upgrade. Events like these usually mark a top. When Apple was $80, it was downgraded. And now at 230 it's a buy?! I love the timing. After that downgrade, it shot up and never looked back. Maybe a similar thing will happen this time and we'll sell off on Apple now.

Regardless, it is running out of steam. Breaking 220 will be bearish.

The US Dollar also pulled back a little bit.

I will have more charts over the weekend. Hopefully I can do another video.