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Wednesday, July 14, 2010


I've got to think that silly gap after earnings on Intel gets filled soon.
4 hour candle MACD signal lines are looking stretched.
I'm not married to the idea that this has to be a leading diagonal.  It could collapse in price at any time in my opinion, but sentiment is the overall key I think (and that is tough to judge).  If any pullback fails to hold recently captured major support (around 1065-1075 area on the SPX) then hey its a schizo market anyways. My goal was to show that the count is certainly a top viable one.

So holding near upper support is the test on any coming weakness. And there is now room to pullback and hold that support. Thats what yesterday hoped to accomplish was "breakaway" velocity above first major resistance.

At the very least, the school of fish (or lemmings) are all swimming together on equities. Tight swing channels of 50-60-70+ or minus points and even more is proof enough in that.  But looking at the last 3 tight channels (up-down-up) on the SPX 4-hour chart, one has to think its due for some sideways pullback complexity in the waves.  That complexity might spell a [b] wave of Minor 2. Thats just a thought that popped into my head and not a certainty by any means.

Good luck.
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