Nov 2, 2009 – EOD Update – A Bullish Turn?
Posted by pugsma on November 2, 2009
Looks like the selling may have finally bebated around the 1030 area today. The lower green channel line from August was broken slightly today. This is bearish. However, near the end of today, we could have begun the initial i-ii push upward to form a new channel. But we need to break the upper down-channel line (purple) off the 1101 peak first before getting overly bullish near term.
Here are my updated 1-min , 15-min and daily charts. The 1050 area will be key to watch tomorrow. A clean break and close above the 1050 level will be short term very bullish. If we get the 1050 break, I think this upward move could be the B-leg of the larger A-B-C corrective. The B-leg could reach the 1070 to 1080 area, before the C-leg takes the SP-500 back to 1000 to 1010 to complete the corrective later in November. This is my preferred count. There is also a slight possibility that this move up cound be the 5th wave of an ending diagonal that will take the SP-500 to new highs near 1114 in the short term.
1-min Chart:
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