Since 11-16-09 SPX Has Risen Less Than 2 Points Peak To Peak

Since 11-16-09 SPX (S & P 500, http://bit.ly/i0nsT) has risen less than 2 points peak to peak, see http://bit.ly/i0nsT. NDX (NASDAQ 100) looks like it might have peaked (major cycle high) at 1814.25 on 11-16-09, see http://bit.ly/73BXOt.

Looking at SPX's (S & P 500, http://bit.ly/i0nsT) daily chart (see http://bit.ly/i0nsT) one can see that the peaks have rolled over dramatically the past few weeks, and, it looks like SPX might soon plummet.

SPX's (S & P 500, http://bit.ly/i0nsT)/market's buying power/volume has dried up since early November (see volume bars at http://bit.ly/i0nsT), with only 3.135 billion shares today versus the 60 day EMA at 3.850 billion shares.

This market is a non fundamentally driven liquidity bubble. It's a major accident waiting to happen.

"The market" basically probably peaked in September, when RUT/Russell 2000 (http://bit.ly/2UFqrk) and DJUSRE/Real Estate (http://bit.ly/4EmXGG) probably peaked on 9-23-09 and 9-17-09, and, when a dramatic multi day market volume spike occurred (6 billion shares area), see the volume bars at the bottom of http://bit.ly/i0nsT, confirming that important peaking action was probably occurring.

As discussed previously, SPX (S & P 500, http://bit.ly/i0nsT) is heavily market cap weighted, with 4% of the components (20) accounting for nearly 33% of the movement, and, with less than 10% of the components (47) accounting for slightly over 50% of the movement.

From September 2009 to October 2009 SPX (S & P 500, http://bit.ly/i0nsT) gained 21 points, from October 2009 to November 2009 SPX only gained 12 points, so, SPX rolled over substantially, see http://bit.ly/i0nsT.

The five day SPX vs broad market Lead Indicator Walmart (WMT) chart at http://bit.ly/4t6GS9 is BEARISH, since WMT's leading to the downside.

The intraday SPX Wall of Worry (SPX vs VIX) collapsed today 12-2-09, which is a very bearish indication, see http://bit.ly/UTZwc.

The five day intraday SPX Wall of Worry (SPX vs VIX) has crashed dramatically since Monday 11-30-09, which is an extremely bearish indication, see http://bit.ly/vryF4.

VIX was down -3.65% vs SPX up +0.03% today, which is a very bearish indication/+3.62% rise in complacency/-3.62% decline in the SPX Wall of Worry (SPX vs VIX) today.

Market breadth was positive today, which is a bullish indication for Thursday, see http://bit.ly/lPIyW. Cycles/Elliott Wave patterns/gaps are the primary considerations, and, SPX appears to have peaked at 1115.58 very early today, see the five day intraday candlestick chart at http://bit.ly/3qGxf3.

Important tomorrow probably will be to watch SPX's (S & P 500, http://bit.ly/i0nsT) downside gap/magnet at 1095.63 from yesterday 12-1-09's open, see 5 day chart at http://bit.ly/3qGxf3. Much of the time SPX is simply engaged in gap filling action. When the 1095.63 downside gap/magnet gets filled, look for a session cycle low to probably occur shortly thereafter (timewise and usually also pricewise). We've seen four times in the past week or so that a session cycle high or low has occurred very soon after a gap got filled.

Often important and even not so important cycle highs or lows occur shortly after (both timewise and pricewise) gap filling action is completed.

Nothing discussed on this Blog is a recommendation, or, should be construed as investment advice.

.......http://www.JoeFRocks.com/