Sunday, October 3, 2010

S&P 500 ~ Weekend Update ~ 3 October 2010

All last week the SPX was trading in a narrow range between 1140 and 1150. The question is whether this is a consolidation before another rally or a topping process. In the past year, such sideways trends were usually a sign that the market was topping (with one exception in March 10).

I still like this fractal. Is it gonna happen though???

No change in my Elliott Wave count since the market was basically dead last week. Either we get a bearish (close below 1120) last quarter or a bullish one (above 1175-80)