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Nov 30, 2009: EOD Chart – Bullish Conclusion to November

Posted by pugsma on November 30, 2009

Market may have completed the wave ii of (3) today at 1097.  I’m expecting a wave iii of (3) down tomorrow.   All of the previously mentioned options are still valid.

The SP-500 fininished it’s first monthly close above it’s 20-period monthly SMA (1041) since the 2007 peak.  This is a long term cyclical bull market indicator.  Even if the SP-500 has started it’s P2 corrective over the next several months, this 20-period monthly SMA (which is still falling) should not be breached again.

15-min Chart:

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