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Nov 26th, 2009: Evening Update – Futures Off 25 points

Posted by pugsma on November 27, 2009

8:30pm:  Well, the world markets are getting a Thanksgiving surprise, with most markets down between 2 and 3%.

The SP-500 futures are off about 25 points tonight.  That would good or an open somewhere around 1085 to 1087.

There are few things I want to point out tonight before trading opens in the morning:

  • Most likey we are in the Wave (3) down of my alternate count.  The 20-day SMA is at 1084 and the 50-day SMA is at 1073.  There is gap support in the 1069 to 1073 area.  So this 1073 is an attractive target for Wave (3).  Wave (5) would traget the support at the 1050 to 1060 area.  (See the 15-min chart from Wed.)  The bulls will want a monthy close for Nov above the monthly 20-period SMA of 1041.  They should get it.  This is yet another key cylical bull market indicator.
  • However for the primary count, the lower boundary of the large triangle is at about 1087 tomorrow morning.  It is possible the D-leg did not complete at 1097 and tomorrow will be the end of the D-leg at 1087 and then back up and out of the triangle in the E-leg.    See the the 15-min chart from Wed.

I have to be on the road to Cleveland at 5:30am tomorrow morning, so I won’t be updating the blog throughout the day.  I will try to post some of thoughts over the weekend if a get a break between my son’s football games.

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