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Mar 5th, 2010: Stocks Up! Boiler Up!

Posted by pugsma on March 5, 2010

4:30pm EST:   What a great day.  My primary and alternate bullish counts for wave 1-[5]-P1 have virtually merged into one count showing the SP-500 wants to break over the Jan 2010 high of 1150.  I’ll leave them separate for now.  The Russel-2000 set a new 2010 high earlier this week and the Nasdaq did the same thing today.  The SP-500 should follow to new 2010 highs early next week.   Then there will need to be some consolidation for wave 2-[5]-P1 into the 1100 to 1115 area in mid-to-late March before wave 3-[5]-P1 push towards 1200 in April.   Bulls enjoy your weekend.  You earned it.  🙂

15-min SP-500 Chart (EOD):

60-min SP-500 Chart (EOD):

Daily Bull Model SP-500 Chart (EOD):

Daily SP-500 13/34-day EMA Chart (EOD):

3:05pm EST:   NASDAQ set new 2010 High at 2327!!!!!!!   Boo-yah!   SP-500 new high above 1150+ is coming next week.  On the Daily Chart, take a look at the On Balance Volume which is now higher than the Jan 2010 peak of 1150 and showing a sign of strength.

SP-500 Daily Candle Chart (3:05pm):

12:15am EST:  If you like symmetry, then wave v=i at 1136 for the alternate count that has wave (5)-1-[5] ending very soon.  However, any close over 1131 and I think Monday extends the run up towards 1150+.   I re-calculated the wave 2-[5] fib re-tracements based on 1136 for alternate count, see the updated 15-min chart.  The 2-[5] levels just keep moving up!

15-min Chart (12:45pm):

10:30am EST:  The 200% short perma-bears are once again reminded what a bullish impulse feels like.  🙂   This wave v-(5) extension has broken through some tough resistance between 1127 and 1133.  Let’s see it can cosolidate here above 1130 and set the stage from more gains.  There is also a new gap opened at 1125 this morning that could provide near term support.  Updated 15-min and 60-min charts are below.

15-min Chart (10:00am EST):

60-min Chart (11:00am EST)

9:25am EST:  ES Futures extended to 1131.70 peak on the Non-Farm Payroll news.   Break and then close over 1131 today sets the stage for 1150+ by Tuesday March 9th.   Watching the 1115/20 area on any pull-back today.  A close under 1115 is bearish for next week and signals a wave 2-[5] retrace has begun.

8:15am EST:   ES Futures hit 1128.4 overnight, which is a new high. Clearly wave (5)-1-[5] is extending as expected. Now is just a matter of how far it will extend before wave 2-[5] retraces back down. The first target for the extension is the wave v-(5) triangle target of about 1130/31.

SP-500 ES Futures 60-min (8:15am, pre Non-Farm Payroll):

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