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Mar 10th, 2010: Financial Stocks Moving Up

Posted by pugsma on March 10, 2010

5:40pm EST:   On the SP-500 daily candles chart, notice that both raw volume and on-balance volume are increasing and are above the Jan 2010 high.  This is a bullish signal of strength.

SP-500 Daily Candles (EOD):

4:45pm EST:   Deja Vu.  Higher highs (1148 vs 1145) and higher lows (1140 vs 1137).     The SP-500 have hit my initial target area of 1145/50 for wave 1-[5].   I still think there could be some extension if wave 1-[5] into the 1160/65 area.  The 1160/65 target terminates near my mid-channel line on the daily SP-500 chart.  I’m thinking the wave 2-[5] pull-back my be shallow.  A 38% re-trace takes us back to the Inverse Head and Shoulders neckline around 1116, but a 23% pull-back would only drop to about the key 1130/33 support area.

SP-500 60-min Chart (EOD):

SP-500 Daily Chart (EOD):

11:30am EST:  Here’s a little bonus for the non-Alert Service subsribers.  Below is my most up-to-date 5-min and 15-min charts.  The PUG Alert subscribers get these updated charts a couple times per day.

SP-500 5-min Chart (11:30am):

SP-500 15-min Chart (11:30am):

8:25am EST:  ES Futures were basically flat overnight.  Continuing to look for more wave (5)-1-[5] extention towards the 1160 target.   Financial stocks are really starting to move up and XLF is approaching a new high.  This is another sign of returning strength in a bull market.

I’ve noticed most of the Perma-Bear E-Wave blogs have now come out with 9th Revision of their failed P2 Models predicting the SP-500 will advance to 1230 (62% re-trace).  They have been calling for a P2 top since 870, 956, 1018, 1140, 1080, 1101, 1115, 1150…  So now after 9 attempts at calling a top, the perma-bear bloggers finally have a P2 model that agrees with my P1 end point area of 1200 to 1260.  Of course I have only had one model and this 1230 area has been my target since I opened this blog back in Oct 2009.   And I will note that both the Nasdaq and Russel-2000 are now solidly beyond their 62% re-trace levels.

60-min ES Futures (EOD):

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