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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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