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Nov 6th, 2009: Morning & Afternoon Update – Pivot Point

Posted by pugsma on November 6, 2009

Update: 2:30 pm:  1.5 hours of trading to go and Mr Market has not tipped it’s hand.  SP-500 still floating along outside my last up-channel line.  If the Bulls mount a late day surge and close up and over the 20-day SMA at 1071 and over the resistance at 1074, then they win a potentially tastey surprise next week.  In this case new highs above 1101 are a strong possibility with my alternate wave 5 count.

1-min Chart (2:30 pm):

The market continues to trade in a range from 1060 to 1070, which is a key pivot area for bulls vs bears.  Bears need a break down to happen quickly from here or else the bulls will push this up towards 1080 latter today and set the stage for future gains.  1059 is the key break point on the downside and 1074 on the upside.

1-min Chart:

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