Also, the wedge was just barely broken today, but it is still in tact, and as long as that support line is not taken out, the trend is up.
1131 should be tested soon if this bullishness continues after the weekend.
Charts of the Day!
These charts are updated daily!
SPX, USD, Gold, VIX, XLF and Apple.
SPX, USD, Gold, VIX, XLF and Apple.
Friday, August 6, 2010
Market Update - 8/6/2010
Today seemed to open up in a pretty bearish way, however the internals were never supporting the down move. Despite being down nearly 20 SPX points, the internals were not even at 10:1. So with the lack of down side volume, the market turned up pretty sharply at the end.
Also, the wedge was just barely broken today, but it is still in tact, and as long as that support line is not taken out, the trend is up.
1135 is still a valid target, and the count has not really changed much. I am marking the low from today as wave b.
1131 should be tested soon if this bullishness continues after the weekend.
It will be key to see how the futures react on Sunday night. I will try to have more over the weekend.
Also, the wedge was just barely broken today, but it is still in tact, and as long as that support line is not taken out, the trend is up.
1131 should be tested soon if this bullishness continues after the weekend.
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