Wednesday, April 25, 2012

4/25/12 - EOD Update [7:53 PM Update]

[7:53 PM Update]

DJI
I keep forgetting to post my DJI chart. The last time I posted this.

EOD Update

Looks like AAPL gave the bulls a little pick me up. Shorter term, I have to favor the black and green counts, however, the pink count (tho adjusted again) still should make some bulls a little cautious.

SPX - 15 Min
If the bears really want this, their most bearish count should be coming to a close here. From here a sell off down to 1290-1300 needs to occur or else the bulls are going to either push for new highs over 1422 or keep the market range bound between 1422-1357 before launching to new highs.


SPX - W bottom
SPX closed above its 20 day SMA, which looks like an attempt to confirm the W bottom.

McClellan Breadth Thrust
Lets keep an eye for a potential breadth thrust. If so, there is a good chance that Minor 5 is in progress.

MINOR 4 - FLAT OPTION
Note the W bottom and a tag of the upper Bollinger band would coincide nicely with the Minor 4 flat option. Refer to the bullish 2 year chart below for the bigger picture.



SPX BULL OPTION
1. Minor 5 is in progress.
2. Minor 4 is working out a flat
2a. Minor 4 is working on a triangle
2c. Minor 4 may be working on a zigzag (low probability)


RUT appears to have completed a wave 4.

SPX - BEAR CASE
The game is not over for the bears yet but the bulls are trying to put an end to this count and to the head and shoulders pattern.

BEAR CASE
The bulls need to make a new high above 1422.
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