Friday, October 23, 2009

SPX - 10/23 AM UPDATE


I don't have access to all my charts but wanted to post a possible count for today so I just put this simple one together. I'm thinking a series of 1-2s are playing out with a 3rd of a 3rd to play out possibly by today or early next well.

Of course the red 1-2 count goes out the window if price takes out today's high at 1095.83. However, it does not rule out the 1-2 count in blue until 1101.36 is taken out.

So far on the SPY, MACD is trending lower and about to cross the signal line. Price should follow through. We will see.

Trannies are dumping and DJ Utilities looking to form a possible Leading Diagonal down from the 388.61 high on 10/19. (Will post a chart on this later)

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