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Dec 21st, 2009: Morning Update

Posted by pugsma on December 21, 2009

Update (9:40am):  Daily Chart with RSI and MACD indicators turning very bullish.

Daily Candles Chart with Indications:

So, here we are at 1113 after an impressive move up off the 1093 low from Friday.  The fact that 1093 held as a much higher support that the last two supports at 1083 and 1086, is telling.  It says the SP-500 is consolidating at ever higher levels and is pointing to a push for new highs over 1119.  I think my original bullish count is still the highest probably horse in this race to 1141.

Based on the 1-min Chart below, I’m looking for the 1115 to 1119 area for iii of (3) later today.  And v of (3) should take the SP-500 to around 1127 by Christmas.

1-min Chart:

15-min Chart:

60-min Chart:

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