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Feb 8th, 2010: Continued Weakness – Red Monday

Posted by pugsma on February 8, 2010

5:30 pm EST:  A very weak Monday with no follow-through to the upside to confirm Friday’s late day buying.  Today ws the first red Monday I can remember in a while.  It’s possible the SP-500 is tracing out a very weak B-leg corrective with a-B and b-B completed.  The maximum now for c of B looks like about 1085.  But I’m not so sure of that count at this point.   I think wave 4 of (5) of A may have completed today at 1071 and wave 5 of (5) of A is now getting underway that will reach levels below 1045.  The 1030 area is still a solid target for the completion of this wave, whether it be just A or all of A-B-C of the corrective off 1150.  The 200-day SMA has now climbed up to 1020 and still rising, so as shown in my daily chart.  The 1030 area will be point of confluence for the 200-day SMA and horizontal support by the end of this week.  Also notice how the 13-day EMA that crossed over the 34-day is now acting as a cap on upward price movement.  The 13-day EMA sits at 1087 today and rapidly falling.  Any pop up towards the 13-day should be sold.  And until the upper pink down channel is breached to the upside, there pops should continue to be sold.  The trend is still down and I believe it likely to continue through most of this week.

15-min (EOD):

Daily 13 vs 34-day EMA (EOD):

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