Let's not forget that Fridays are Fridays, days that are often countertrend because of pre-weekend liquidations happening. I find readings from Friday data to be much less reliable.
Hi Steve, Fridays are fridays... The DOW has resolved it's issue today, along with the SOX this morning, joining NAZ/NDX from friday. Now just waiting on the SPX. Heavy resistance at 1226 ES?
What I now see for the next few weeks, is oil prices bouncing up and down OVER a MILDLY DECLINING (very mildly) line that is now in the upper 50's. That line will connect a succession of lows that will stay above $55 for a while.
With a gap down opening, and negative closes across the board, the short term wave counts have cleared up, and we appear to be in wave iv of 3, afterall. In fact, the recent wave ii of 3 correction started with an gap down opening too, which was also retraced in the same day. http://spaces.msn.com/members/caldaroEW/
I see some short term negatives unfolding: Five waves up from the OCT 28th lows in ES. Bearish divergences on MACD, and the divergence with NQ today. The contract seems to be giving some pretty clear signals and waves. Unless these divergences are resolved, we should be in store for a decent pullback. ES chart: