Friday, December 31, 2010

12/31/10 EOD Update

A very boring day today and week for that matter. I wish I could say things became a little clearer after this week but it hasn't. In fact an additional option was added due to the potential triangle that may be forming.

As you'll see below, the options I have presented over the past few days and weeks are still on the table.

I would like to believe that next week we will have more clarity as traders return from the break and volume returns to the market.

Some quick bullish notes:

1. key support levels held
2. a consolidation pattern at the top is forming
3. no impulsive selling yet

One key bear note is the fact that the daily MACD signaled a sell today. Will have to watch the Minor 4 option chart below if the market intends to correct much deeper.

Alrighty. That is all. I just want to wish all my readers a very Happy New Year and see you all in 2011!!

Option 1

Wave 5 Extension Option

Triangle Option

Minor 4 Option
blog comments powered by Disqus