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Nov 6th, 2009: EOD – SP-500 Hangs Near Pivot and Tough Resistance

Posted by pugsma on November 6, 2009

The SP-500 floated higher today, as it continued to battle tough overhead resistance in the 1065 to 1074 area.  The SP-500 closed at 1069 up about 3 points for the session.  Looks like there is bearish wedge forming for the 5-waves of this c-leg up.  The 5th of c-leg could be under way at the close.  I could see the 1074 area being tested in early AM action on Monday, Nov 9th.  Then it should begin a 5-wave agressively down towards 1000 next week.

Not much as changed since yesterday’s close.  The index is still near a key pivot point and could break either way.  My primary is still the large A-B-C correction towards 1000.  And A-B is near complete at this 1070 level.  But if the market moves aggressive up and over 1075 in Monday’s action, look for me to change my count to my alternative (in purple on 15-min and 60-min charts) that could take the SP-500 to 1115 in short order.

1-min Chart:

15-min Chart:

60-min Chart:
Daily Chart:

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