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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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