Sunday, November 8, 2009

Friday 11/6/09 Market Update

A 1 minute chart of the S&P 500 is shown above. The market made another small gain Friday but on low volume. Volume has been waning since the rally began 5 days ago. This and the corrective looking waves since the beginning of the rally (consider the wave crossing on the Dow Jones Industrial Average as discussed in an earlier post) indicate this is probably a corrective bounce that is nearing completion if it has not already done so. Another push higher on Monday is possible but I believe that will be very limited. A top may already be in place if an impulsive wave down occurred Friday morning. Look for impulsive waves moving down.

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