Nasdaq Volume

Today's was the heaviest volume day for 2009 for the Nasdaq. It was over 50 % above last week's volume, which must be noted carefully.


MARKEJEDI.

Resistance levels

Resistance levels are now 845 and 852 on the S&P. Watch those numbers tomorrow. I would be a seller up there

Wave Count

I have been trying to put a handle on this but really I am no way an Elliot Wave expert so take it as such but I think we just finished five waves up on this uptrend and we will now form our ABC pattern.
NOW IF I AM READING THIS CORRECTLY!!!! we should make a B down to or below 800 then a C up and over this last high of the 870 area. Now I will investigate more and have it for you later

S&P- 549

Someone emailed me asking why am I focused on S&P 549/550 area as possible bottom -

well here it is in the simplest form

Tuesday

Tuesday look for the first part of the day to consolidate the huge downtrend of today. I would not be surprised if we have an non eventful day till after lunch tomorrow where the big money will then tip there hands. If during the lunch time hours we are flat or close to flat there is a good shot we will have a turn around tuesday but my belief is that we will start the day negative and stay that way in a narrow range till after lunch.
Today sell off as I said before might be bad but it is good for the bulls to also rest, remember we can pullback to the 790 area and still be intact for more upside. We ended today right above the support level so overnight might be interested when europe opens.
I would be looking at that 815 on the futures as some first level of serious support if we sell off tomorrow and possibly down to 790 but I am sure we wouldn't get that far tomorrow if we did WOW that would be super negative.
Remember we just wiped out 6 days of gains in one day, so lets see what happens tomorrow.

Hmmmmm

So it take us one day to wipe out 6 days gains and they think we in a new bull market. Oh yes I guess they all will be buying tomorrow. One think I will leave you will today is the volume, it was much higher than all of the days last week and even in distribution, that speaks volumes! or should I say no volume :)
Today was the third heaviest day in volume for the last 20 trading days so the proof is in the pudding.
Man I keep on saying thursday and friday of option expiration is total manipulation and we hit 870 area friday and look at where we are today. Now one caveat is I don't think this is the start of a big push down but it will put the fear of a failing rally in the minds of many. I still think we get some more upside after this pullback.

MARKETJEDI.

P.S. I will be listening to the Crazy money and Crackheadmer shows tonight to hear what they have to say. Man it sucks that Dillon left Crazy money it is so boring now!!!

BAC

Man oh Man came out of that BAC short on friday afraid of the earnings but it went lower. Oh well as long as you follow your rules and made money it is ok.

5 Minutes till OPEN

Looking at a big gap down to start the first day of the week. Lets see if they attempt to fill the gap even 1/2 way if not then we should have a trend day down.

Let me see if I was right about 871 being a good place to get short