Dow Jones Industrial Average: +131.95 or 1.33% at 10081.31
S&P 500 Index: +11.51 or 1.06% at 1092.91
NASDAQ Composite Index: +14.56 or 0.68% at 2165.29
NYSE Internals: 2046 Advance. 996 Decline.
We did break 1080 today, but bounced back nearly 20 points from 1074. Nearly an opposite of yesterday’s price action. But the up move was not as impulsive as the down move. So I am going to stick with my count saying that 1101.36 could have been the top yesterday, and today was nothing but a little corrective bounce.
We came down in 5 micro sized waves from yesterday’s high. Which ended Minuette wave 1. We retraced today in a potential 3 wave move, which ends Minuette wave 2. If this is the case, we should sell off tomorrow right from the open. If we don’t sell off, a new high cannot be made for this count to be valid. If we make a new high tomorrow, I will be forced to change the count.
Zoomed out view:
US Dollar was flat. Crude Oil and Gold were also flat. Financials led the upside today. VIX was crushed again, pretty much gave up all the gains from yesterday.
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