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Mar 15th, 2010: Hammer Time Redux

Posted by pugsma on March 15, 2010

5:00pm EST:  Another key reversal at the 1141 pivot, as the SP-500 formed a bullish hammer candle on the daily chart.  I spoke of this key level of 1141 in Friday’s update and again this morning pre-market.  PUG Alert Service Subcribers received a couple real-time updated 5-min charts, just as the 1141 pivot was tested and the market reversed higher.  It’s not too late to sign-up for the last half of March (12 of 23 trading days left).  I’m offering a reduced $15/month rate for March (regular is $25/month).  E-mail me a pu_gridiron@yahoo.com to get started.

Today we have likely began the wave v-(5) extension towards 1165+.  I have a couple targets of 1163 for wave v=0.62i and 1178 for wave v=i.

Wtih today’s strong close, tomorrow sets up as a potential Turkey Shoot for the poor Bears. If the Bulls get it above 1154 early in the day, the Bears are going to get crushed in a massive short squeeze.

Tomorrow the downside support area to watch is 1145/46 for any early weakness.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

SP-500 Daily Chart (EOD):

SP-500 Daily Candles (EOD, Hammer Candles):

9:20am EST:  ES Futures fell to 1040 (1145 cash) overight and are trading around 1143 (1148 cash) this morning.  The SP-500 is still in position above the key level of 1135 (1141 cash) for a possible wave (5) extension.

SP-500 ES Futures 60-min Chart (9:00am)

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