Sunday, October 24, 2010

S&P 500 ~ Weekend Update ~ 24 October 2010

First a short update on what happened on Friday:

I think last Friday goes down in history as the most boring trading day of 2010:

The VIX was nearing 0...

... and I just hope it doesn't go on like that until after elections.

It could happen though since wave 3 likely ended at 1189 and wave 4 should unfold as a sideways correction (because wave 2 was a sharp correction (rule of alternation)):

Unless 1190 gets breached I think the SPX will move sideways between 1160 and 1190 for the next two weeks.