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The best wave counter I follow had Friday as a 3 down or a B down, If this is a 4 up their purpose is to confuse people into thinking the counter trend move is a new direction. I don't know the character of a C wave but I am guessing something similar.
The two ES traders I follow, Unique and Coolbizone are both trying to short today's high.
We had BOJ intervene in the markets after bad economic news last night followed by a low volume algo-fest. I am guessing it was the bots today as the market really didn't go anywhere until after Europe had closed. And they are hammering the VIX as usual.
Joke of the day was the headline that crude was bouncing on middle east instability worries. How about a dead kitty bounce after prices drop into the 30's for the first time since Feb 2009.
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SPX closes at HOD.. well you are on your own for the rest of the week, travelling so chart posting may be limited. Good luck! Mind the moving averages and open gaps!
For institutions, SPY closing comfortably above its simple 200day MA will be either comforting or eye-catching... with Santa Claus showing his red costume not too far down the road.