Monday, December 21, 2009
Today's up move is finally the move we have been looking for. The NASDAQ broke out of its sideways action. Question is, is the NASDAQ doing its end of year run like that it does so often? The DJIA and SPX is suffering a bit as a result. Got to beat the "benchline" S&P500 ya know!
The Wilshire5000 and Nasdaq and Nasdaq100 all made new highs today. Up volume ratio ended the day at about 4.31. Thats not exactly screaming but enough at this stage to get the prices moving and in line with a weakening market.
The SPX again hasn't yet challenged its 1119 high, still a couple of points away. The DOW is waning a bit. You can see the DJIA seems to think the lower rising trendline is a big deal. Its about the only index that has faithfully obeyed.
The VIX still refuses to pass under the 20 mark although I suspect it will before all is said and done even if just briefly.
IYR made a new high as I predicted it likely would a while back.
The NASDAQ appears to be in a wedge move at several degrees of trend. I show 2 differing counts for this wedge move, one on each chart.
Posted by Daneric at 4:55 PM