S&P 500 ~ EOD Update ~ 29 February 2012

After a rally to 1378 in the morning the SPX corrected and closed 6.5 points lower - that's actually the fourth worst day of the year...

As long as the market keeps making higher highs and higher lows pullbacks should be bought. I still like the comparison with 2010 though, i. e. a 50-point-correction sometime soon, and if the support at 1355ish breaks the correction should be underway.

Gold ~ Update ~ 29 February 2012

Gold hit the resistance at 1800ish this morning and is now selling off. The first support at 1765ish is already breached and we're now already around the next support level at 1710ish:

Silver ~ Update ~ 28 February 2012

After a short consolidation around the resistance at 35.5ish silver continued its rally today and is now above 37 $:

Next target should be 39ish.

As long as silver is above 33ish the medium-term trend is up.

S&P 500 ~ EOD Update ~ 27 February 2012

I just wanted to clarify that I'm still bullish (because of my previous post which problably sounded bearish). The uptrend is still very much intact.
As long as the SPX keeps bouncing from the support levels and not breaking them, you shouldn't even dare to short the market:

As for elliott wave: it's very difficult to count such slow grind ups since fifth waves can often extend almost endlessly. So in these situation I usually focus primarily on support and resistance levels and the overall trend. If I had only focused on EW I'd probably be out of the market since 1330 missing the last 40 handles. Very often it's better to concentrate on the bigger wave (wave [iii] up) instead of trying to guess the top i. e. the end of subwave (v).

S&P 500 ~ Intraday Update 1 ~ 27 February 2012

We just made a new bull market high! : )

I talked about the similarities between today and late 2010 a few days ago. The similarities are even stronger than I thought:

Coincidence? We'll find out in March ; )