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Dec 23rd, 2009: Afternoon Update

Posted by pugsma on December 23, 2009

Update 11:41am:  Looks like a possible bearish rising wedge break-down at 1126.50 (see 1-min chart).

1-min Chart:

The SP-500 has rebounded from the morning drop to 1116 and is testing the 1121 area this afternoon.  It would appear SP-500 wants to complete the bearish rising wedge for wave v of (3).  From the looks of it, this rising wedge could last all the way into the close of business on Dec 24th (Christmas Eve) and make a new high in the 1123 to 1125 area (see 1-min chart).

This market behavior is very similar to what happened on the Nov 25th the Wednesday before Thanksgiving.  And we all know what happened on Thanksgiving with the Dubi Debt Default announcement.  Things seem to be setting up the same way here again.  Will there be some sort of announcement over the long Christmas Holiday weekend to cause a Monday morning sell-off?  It would fit with the wave (4) pull-back.

1-min Chart:

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