The S&P's big move yesterday had no follow through today, and volume was at a pathetic 794 million NYSE shares. Not what I'd expect on a Wednesday after a big rally the day before. But the bears have failed to come in and control this market as well. At the moment, the bulls look tired and are having a tough time getting volume in on their side with a sustained rally. This could spell trouble for the bulls the rest of the week, if not longer.
Using Elliott Waves: As Simple As A-B-C
Also of note is that the Nasdaq was much weaker today that the Dow and S&P. Intel (INTC) closed slightly down on the day but posted a solid earnings report after the closing bell, yet shares are down over 2% after hours at the time I'm writing this. The mood seems a bit sour in the market right now. Watch for a sharp decline soon in the overall stock market. How far or long it will last I don't know, but the market appears grumpy right now.
Nothing has changed for the euro. I'd still be cautiously short against 1.4577.
The Personality of Stock Market WavesElliott waves don't merely reflect prices plotted over time. Each wave has its own "personality." Listen to this video by EWI's Wayne Gorman to learn more about the psychology behind the waves and how it affects your investment decisions.
This video was taken from the free Club EWI video series: Learn the Why, What and How of Elliott Wave Analysis. This 3-video series is a great way to get started with the Wave Principle. You can get these videos free with a Club EWI Membership.
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PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.