Monday, November 29, 2010

11/29 2:20

SPX and DJI are forming ascending triangles.  SPX above 1181 will carry to 1188.  A cluster of M/As currently extends between 1189.50-1190.50.

Looking at the stock market from a broader perspective, my wave count changed when the market indices all exceeded the April highs.  At that time I shifted to a 5 up in progress from the July low to complete an abc up from March, 2009.  In order for this count to remain valid DJI 10,700 needs to stay intact, as it is the wave 1 high. 

1 comment:

  1. Steve

    Looks like the 20 day was support all the way up and has now become resistance.

    Jack C