March 1st, 2010: March Comes In Like A Bull
Posted by pugsma on March 1, 2010
5:50pm EST: The bulls rule the day and push the SP-500 over key resistance at 1108 (50-day SMA). The primary bullish count (white) has the SP-500 needing one more pust up to complete (5)-1-[5]-P1 at about 1121. The SP-500 should back down in the 1080 area over the next week or two for wave 2-[5]-P1, before heading towards new highs later this month. The even more bullish count (turquoise) has the SP-500 in wave (1)-3-[5]-P1, and after some consolidation in wave (2) around 1110/12 later this week, wave (3)-3-[5] will push the SP-500 to new highs over 1150 next week.
The bearish alternate (purple) count has a nearly complete c-[B]-P2, and is about to beging [C]-P2 down to levels at 1050 (and lower) is losing credibility the further this runs up. The Russel-2000 has now re-traced over 85% from it’s Feb 5th low and looks like it will make a new 2010 high very soon. This Russel-2000 price action could be forecasting that the SP-500 is going to make a new 2010 high soon as well (i.e. indicating the turquoise count maybe right).
15-min Chart (EOD):
60-min Chart (EOD):
Daily Chart (EOD):
11:40am EST: Bullish Monday again, as the Bulls are crushing the Bears again via popped stops set at 1108/1112 level. The gap at 1115 has been touched. I’m now looking at this move as still part of the 1st 5-wave move off the 1045 low. Thus, I have the SP-50See the updated 15-min Chart. 0 still in wave (5)-1-[5]-P1. It’s possible this wave (5) could extend to 1127 in the next day or two.
15-min Chart (11:30am):
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