Has been climbing the wall of worry very successfully lately. My latest chart tells me that it is ready for another big move. The trouble is I don’t know if it is upto 700+ or down to 600- even though I think it might start to crawl down the arc.
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Nothing Important Happened Today…
The Dodd bill was interesting though…
Today continued the high-volume-market-down-low-volume-market-up trend. 60% of the volume on the NYSE was down today although the primary indicies eeked out another up day. Advance decline is also waning. Liquidity is disappearing. Anyway I wont bother with a EW count today, as nothing has really changed. I will just give a few of my more Macro (i.e. Longer Term Charts). Enjoy!
Another Long Term Dow – Quad chart
Russell 2000 LT Quad
The latest Russell 2000 Trading Chart
A Long Term VIX
AUD/USD Channel
Russell 2000
Updated Trading Chart for the Russell – still in the buy exhaustion Zone:
Russell 2000 and XRT Chart updates
Until I am clearer on the EW counts I am going to stick with the trading charts on these 2. Today both indicies hung at the top of their exhaustion zone. Volume was dire. Hardly anyone was interested in Selling however there was little interest in buyng at these price levels. I would expect a reversion to the 20 day EMA on these indexes.
First the Updated Russell 2000 chart
And now the updated XRT chart
Quick update on the Russell 2000
So, from the perspective of the russell 2000, here we are back in Primary 2 up. The major indicies have not confirmed this, which is bearish. Additionally I’d like to share a straight trading chart:
Russell 2000 at top of exhaustion Territory
Only once in the entire rally from March 2009 has the RUT managed to get to the top of the exhaustion buy zone, and that was Sep 17 2009. At the very minimum we shuld get a reversionto the 20 day EMA, which is currently 633.
Russell 2000 – Updated chart & Trade Plan
The chart..
rut2yr
And the 60 day view..
rut
I am suprised that the decline is not much steeper. It seems to be slower than all the other major indicies. Lack of Credit should impact the smaller companies the most. A few companies going into chapter 7/11 should drive some speculation/liquidity out of this index I suppose.
