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Tuesday, December 29, 2009

Minis (update 1:39am)

Nasdaq has reached the other side of the channel.

I've gotten away from using Log Scale but on a weekly such as this, it is appropriate.

A proposed top based on an extended wave [v].  This aligns with the theme that EWI was showing on the DJIA last night. There definitely appeared to be 5 waves up from yesterday's low and it failed to take out yesterday's high.  We'll see, but at least we can put a count on things at the moment that might make sense.

In my estimation, the blue box area is a key area to watch.

Junk is selling. As opposed to not selling when the rest of the market was gyrating the past 4-5 weeks.

Nasdaq minis haven't taken out yesterday's high yet. The ES did by 2 points.

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