Thursday, November 11, 2010

Market Update November 11th

There seems to be some indecision by the markets but I think we'll have an answer very soon. I have been expecting prices to go up to the high 1220's/1230 level but the dollar strength hasn't helped and neither has earnings. So perhaps the top is in for this rally, the 10th week as I had been saying for weeks? There is a Descending Triangle targeting 1183 and there is an Ascending Triangle targeting 1217 so the market is not very clear. I almost stayed short overnight but didn't do it because we are still above the bullish trendline and there was a cross on the MACD, if we go below than level tomorrow I will stay short and especially if the 1204 support breaks. In the meantime, I will continue to assume this is a W4 and that we are still going up since the market keeps bouncing off the levels I've been posting.

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