We made new highs again today. We also broke over the 1210 pivot. I expect us to continue higher because of this.
However, short term we may get a small little pullback or some sideways actions for subminuette wave iv. My count on the Nasdaq and the SPY are the same.
After a slight pullback/consolodation, I expect us to make our way higher towards 1225. 1225 is going to be a VERY key pivot. There is a lot of resistance in that area from before our crash in late 2008. This is also the 61.8% retracement.
As you can see from that daily chart, we are coming up right against the lower end of that range.
Google has had a nice rally in the past few days. However, it is down tonight after hours due to earnings.
It will most likely gap down tomorrow, but a down move should be natural since we are overbought on the shorter time frame, and are diverging. It also has some nice support at 560, and a very key pivot at 539. Breaking 560 may take us to 539. So it will be important to keep and eye on that.
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