Market Technician

[Dual]

The five banks mentioned on friday did not do well at all: BAC -28%, BSC -42%, C-17%, WFC -24% and JPM -20%.

As a result of all this negative activity the general market is now in a CONFIRMED DOWNTREND. Our recent uptrend from SPX 741 to SPX 944 did gain 27%, but it did not go as far as expected. This was certainly not the Primary B wave rally we were expecting. Currently, the DOW count of an incomplete Primary wave A is gaining credibility. And, the market looks like it will head for new lows before Primary wave A finally ends. Support remains at SPX 789 and then 768. Best to your trading!
MEDIUM TERM: new downtrend underway
LONG TERM: bear market


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