Dec 18th, 2009: Mid-Day Update
Posted by pugsma on December 18, 2009
Well, 1096 did not hold an my 1-min Chart from this morning is toast. SP-500 traded down to 1093.88.
Where does that leave us? It leaves us in limbo (1085 to 1113), where we have been for over a month now. I don’t really have a good feel for what comes next. But I have made yet one more interpretation of the data since Nov 16th. What if this is a large right angle, ascending triangle? All the spikes above 1110 to 1113 have been rejected very quickly showing strong resistance. But each time there is a test of the 1085 area it is a little stronger and holds up at a little higher level. This would mean that ultimately we move higher. See my new 60-min Chart. Am I 100% sure? Let’s say I’m 60/40% sure. Also, now that the 50-day SMA has moved up to 1088. So maybe this 1088 to 1093 area will hold as the bottom of the e-leg and off to new highs we go. But don’t forget the very bearish count I have up as well. If 1085 falls, the markets maybe in for a major correction.
I have to run to a company Christmas Party for the rest of today this evening. I won’t be able to post an EOD update until later tonight or tomorrow. Enjoy the rest of your trading day and have a great weekend !
60-min Chart:
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