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Mar 9th, 2010: Bullish Alignment

Posted by pugsma on March 9, 2010

4:30pm EST:   Higher highs (1145 vs 1141) and higher lows (1138 vs 1135), that’s what bull markets are made of.   Notice the nice “V” sign on the 60-min chart.  That’s to show all the perma-bears who’s won the latest battle, yet AGAIN.  Still looking for wave 1-[5] to extend to the Inverse Head and Shoulders target area of 1160+ sometime next week; however wave 1-[5] has statisfied every measure it needed and wave 2-[5] could begin at anytime..  The detail of how the SP-500 gets there is shown on my 5-min and 15-min charts for the PUG Alert Newsletter Subscribers. 

SP-500 60-min Chart (EOD):

12:15pm EST:   Fortunately for my PUG Alert Newsletter Subscribers they get to view my 5-min chart this morning showing the bull-flag that formed between 1135 and 1139 that signaled a potential SP-500 break-out to the 1152/55 area was coming in wave iii-(5).   Why aren’t you a subscriber yet?  It’s easy to sign-up, just drop me an e-mail at pu_gridiron@yahoo.com.

11:45am EST:  The Russel-2000 has been in a bullish alignment for the 13-day EMA vs 34-day EMA for over a week.  But now the 34-day EMA has climbed above the 50-day SMA, which is further confirmation.  The Russel-2000 is also showing an RSI above 70 on the daily chart, indicating a 3rd of 3rd ((3)-3-[5]) type move up.  The SP-500 confirmed it’s 13-day vs 34-day EMA bullish alignment last week and the index exhibited a classic “gap-and-go” in conjunction with this bullish cross.  And now the SP-500 is only a few points from having the 34-day EMA break over the 50-day SMA to solidify this bullish set-up.

SP-500 Daily Candles (11:45am):

Russel-2000 Daily Candles (11:45am):

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