Thursday, July 31, 2008

July 31 2008; S&P and Dow Broke Today's Lows

Both the Dow and S&P broke today's lows, confirming the elimination of the flat correction I mentioned earlier. On top of that, both indices are declining in a series of 5 waves, while rallies are choppy. This tells us that at least the near term trend is down.......and quite possibly it could mean THE BIG DADDY decline is getting underway. Continued weakness into the close will cause me to move my Dow emini futures short position to yesterday's high around 11,580.

I will post charts with wave counts later, illustrating my point about the series of 5 wave drops today.

1 comment:

Anonymous said...

You may have nailed it. If we can't get over that 1291 in the e-mini we are toast. Good job! :-) Diver