I must paraphrase mostly, I will do my best to share some thoughts .....http://www.elliottwave.com And feel obligated to postand give credit for this update.NDX fills gap at 1481....they see perhaps odds good for one more DOWN UP sequence. It would take a close below 1425 to suggest trend hasturned back down.
**I add also note where upper trendline crosses just below 1500, italso looks like relative strength index has waned during rise.
"Despite the surge of the past few days, the bear market is not over.A short term selloff should begin some time tomorrow. How thisdecline unflods and where it finds support will provide a strong clueas to whether the downtrend has returned, or another push up isneeded to complete rally."**WILL the BLACK BOXES now buy the SPX since it is above 200 SMA?(Thebears might get skinned alive IMHO.)
Dollar reached new record for 10 day DSI of 7.2% bulls!!Bond bulls have been ABOVE 90% last 3 days! 10 day average sentimentis 86.1% bulls, the MARCH extreme was 89.8% Yields above 4.26% wouldbe sign trend change is a foot.Daily sentiment gold hit 91%! We have had a throw over of the endingdiagonal and retunr to the triangle area. 10 day RSI at 81.6% !!!
***Folks indeed, I did notice the VIX did NOT give back during thisrally much, options sellers smell something? I am sure the VIX has fallen HARD every rally after decline, you could count on it, nottoday or yesterday, I think it is still aout 20 EMA....yes, if itfalls hard.....but a rising VIX could mean selling pressure INVISABLE could pick up. Hope this helped, I Love the service for the sentiment info as I have said before.
Duratek
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