Stock Market Analysis With The Elliott Wave Principle -Dow Jones, S&P 500, Russell 2000, Nasdaq and FX. All charts and commentary on this site are strictly the opinions of the author(s) and are for recreational purposes only. In no way should this be construed as trading advice or a recommendation for investing. See disclaimer at the bottom of the page.
Thursday, July 8, 2010
SPX - EOD
Not much to add by way of counts tonight. Refer to yesterday's post for the bull and bear counts.
I'm watching the MAs here. The market recaptured the 21 EMA today. The positive MACD divergence continues and a buy signal is imminent.
Will the market repeat for a third time a backtest of the 50 DMA? I'm thinking this may be the case.
Still within this channel. Going to keep an eye on this one.