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Wednesday, September 7, 2011

Wednesday Market Action

Not a lot to add.  The SP500 jumped up at the opening, then meandered higher the rest of the day in a move that does not look impulsive.  Momentum peaked a little after 10:00 a.m. and slipped lower as the index slithered higher.

This was a rare day where the index opened at its low and finished at its high - 1198.62.  This is a bit above the .618 retracement level of 1196.  Should the advance continue into tomorrow, the next Fibonacci resistance is at .786 (SQRT of .618) or 1210-11 in the index.   Back on 8/17, a resistance band in the range of 1190 to 1205 was noted.   Any further advance beyond those levels will likely invalidate the current count, and call for a revaluation.  This would likely mean the wave IV is still unfolding, and wave V has not yet begun.

Meanwhile, through all of this the Tigers keep winning.  Things are getting very strange, indeed.

 Update:  I just checked the Asian markets markets, which are about 12 hours off of U.S. Eastern Time.  The Nikkei, Hand Seng, and Straits Times indexes all opened higher, relative to yesterday's close, and have been dropping since.  As of 11:15, my time, the Nikkei is still in positive territory, the other two are negative.  Will the American markets follow suit tomorrow?  I'm not sure who leads here.  It might be interesting to find out.  Also, European markets will open and close before our opening, as well.  They may also provide a hint of what is to come.

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