SPX - 60 MIN BULL COUNT
SPX - 60 MIN BEAR COUNT
I posted these counts earlier today and there is not much to add to them by the close. Both counts are still valid, however the burden clearly rests on the bulls at the moment.
The Aug-Oct 2007 comparison I keep coming back to is starting to show a divergent path so I may soon get rid of this notion that the market is emulating that period.
The 50 DMA continues to move lower towards the 200 DMA, which is still rising. For me that is still the ultimate tell that we are in a longer term bearish environment.
That is all for now. I'll try to get out more charts over the weekend.
Grand - I agree with your expanded flat for this down move. Bears are getting overly bearish again and not looking at the waves.
ReplyDeleteGeno
Right on Geno! Thx for reading and the comment/feedback!! GL!!
ReplyDeleteI don't know...That MACD is looking pretty lazy there. Couldn't even get enough momentum to rise for the B wave...
ReplyDeleteEZ
http://stockcharts.com/h-sc/ui?s=$SPX&p=60&yr=0&mn=1&dy=21&id=p75731910073&a=201023477&listNum=61
ReplyDelete