PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

«
»

Feb 22nd, 2010: Slow Day

Posted by pugsma on February 22, 2010

4:55 pm EST:   Basically a flat day.  1112 was challenged early, but rejected.  I now think the 1095/98 area will be tested tomorrow in wave (4)-1-[5]-P1.   It is possible that (5)-1-[5]-P1 did complete at 1112 on Friday and we have begun wave 2-[5]-P1 with re-trace targets in the 1072 to 1080 area.  But I have a feeling the gap at 1115 will be tested before wave 1-[5]-P1 is over, so I look for 1095 to hold and then one more push higher.

Alternatively, wave [B]-P2 is complete just above the 62% re-trace of 1110.  And we are about to embark on a nasty [C] leg down to a minimum target of 1050 (38% re-trace).

15-min Chart (EOD):

60-min Chart (EOD):

This entry was posted on February 22, 2010 at 10:01 pm and is filed under SP-500. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Sorry, the comment form is closed at this time.

«
»
 
%d bloggers like this: