Dec 4th, 2009: EOD Charts – Are we there yet?
Posted by pugsma on December 4, 2009
Top? What top? P1 has topped at 1119 for now. However, we are still range bound. SP-500 closed right in the middle of key support and resistance levels of 1098 and 1113. I don’t think the current wave (1) down is complete at 1096. I see 1090 as the target for it’s completion. Maybe a slight up on Monday to complete 4 at 1109 then back down towards 1090.
The 20-day SMA is now at 1099 and the 50-day SMA is at 1078. We dipped below the 20-day briefly today. A close below the 1098 and the 20-day SMA is key for Monday if the bearish trend is to be confirmed. Daily MACD signal line and historgram bars are still bearish.
Notice I have removed my alternate bullish count to 1140. It’s off the table for now, unless we see a close above 1113. Most bullish case I have on the table right now is more sideways movement.
1-min Chart:
15-min Chart:
Daily Chart:
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