THE ELLIOTT WAVE LIVES ON 091218

Friday, 18 December 2009 09:06

>   The Dollar Index has made its way to a 0.2% gain
Support for the SPX drops again to 1090 and then 1061, with resistance at 1107 and then 1133. Short term momentum was oversold at today's lows, and ended the day with a slight positive divergence.

The market continued its pullback from the pre-FOMC statement SPX 1116 high. Most of today's damage was done in the first hour of trading and the market drifted a bit lower heading into the close. Several potential short term counts are now in play: a retest into the mid-1080's for a quadruple bottom consolidation, a wave 3 rally from current levels counting SPX 1086-1116 as wave 1, or a total breakdown from the SPX 1116 high. Option expirations can often be quite volatile. The answer to either of these three potential scenarios should be forthcoming shortly. Continue to monitor the OEW pivots for guidance.

  Keywords   S&P 500  Support  Resistance  Elliot Wave  
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