All Entries Tagged With: "spy"
$SPY Elliott Wave Update 10/25/2009
The market is at a critical point in my opinion. The most likely wave count from the March lows is a W-X-Y structure, which would precede a five wave move to the downside and take the market to new lows. Three key elements lead me to this conclusion that the market has topped or is [...]
Market Update – 9/16/09
The market continues to climb like nobody’s business! Advancers outnumbered decliners and up-volume outpaced down-volume by about 5 to 1 today. On July 27th I posted an Elliott Wave update predicting a 5-wave advance from the July 7th low that should signal the end of primary wave 2 and lead to much lower prices. We [...]
Don’t Get Fooled by the Bulls – Negative Volume Divergence $$
This morning’s trading began with a gap down and a strong move up until 10:00AM EST. At 10:00 the market went into a free-fall taking out the lows and plunging even further. How was one to know the advance wasn’t going to continue? Many of the indicators were bullish at that point but there was [...]
Morning Market Update 8/28/2009
On Wednesday we forecasted a pullback to the trendline before possibly igniting another rally. The market did indeed pullback and kiss the trendline before ripping higher, a great intraday trade by the way, and then gapping up this morning to new highs. The gap up was sold into and we are sitting at an important [...]
$SPY – Elliott Wave Update 8/25/09
I apologize for the delay in posting but my wife just had a baby, our first child, and I’ve been out of the office for a few days. In the last Elliott Wave update I was expecting a pullback from the July rally. The pullback occurred, not as deep as expected, but enough to satisfy [...]
The Correction – $SPY
The long awaited correction appears to have ignited today as selling volume outpaced buying by nearly 15:1 and decliners outnumbered advancers by just over 8:1. The first target is around $95.50 as this level represent the prior area of consolidation from the June highs as well as the lower trendline from the channel that has [...]
$SPY Elliott Wave Update – 8/11/2009
It’s looking more likely that the correction has begun as declining volume exceeded advancing volume by over 4 to 1 today, the lowest reading since early July. The market also broke below it’s uptrend channel (green lines) signaling a change of trend. Currently the market is sideways as the bears couldn’t break through last Thursday’s [...]
