Market Update - 7/27/2010

The 1121 pivot was tested and it held up pretty well. We seemed to reverse pretty quickly after the SPX hit 1120.95.

With the reversal off of the 1121 pivot, and the choppy sideways action for the rest of the day, I think it is pretty safe to say that minuette wave (iii) has ended. Yesterday, I left the option open that we could get to 1121 before starting wave (iv).

Wave (iv) should chop around for a few days. I am expecting a back test of 1100. However, 1090 must hold on any pull back. Any break back above 1121 could be bullish, so watch for 1132 if that happens.

I know there were some issues yesterday with the comments not working, but I think they should work now. Also, on the "charts of the day" feature, just hover your mouse over the chart and it should tell you what chart you are about to click on. If there are other issues with the new layout, please let me know! :)