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Thursday, September 10, 2009

SPX Squiggles

Some near term Fib expansion ratio targets (if another push higher Friday): 1048 is Intermediate (Z) = .618 times (Y) 1051 = Minor C = .50 times Minor A of (Z)

So far the advancing volume ratio is continuing to wane and this is key. Should it have a 10-1 up day at this stage of the game I would think we are indeed heading to the 1100 gap area for starters. But for now it appears a lot of selling into the rally is taking place.

But there are a lot of stocks and sectors that seem "finished" and others getting there. The dollar, oil, gold, VIX (fear gauge) come to mind. Sentiment is still very bullish.

At any rate, keep a close eye on the the rising lower trendline from the 666 low. The market requires advance, advance, advance and not much time for further consolidation to keep from getting near and breaking it.

Good Luck.
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