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Mar 17, 2010: Happy St. Bull Market Day

Posted by pugsma on March 17, 2010

5:40pm EST:  Here’s an updated look at the SP-500 week with key long term resistance and support.  Geting through 1168 and 1177 would open the door to 1200.

SP-500 Weekly Chart (EOD):

5:25pm EST:  I think there maybe at least one more push up to the v=i target of 1178 before Friday’s OPEX.  I’m still calling this wave 1-[5]-P1 for the primary count, but I have added an alternate count (purple) that has the SP-500 in wave 3-[5]-P1.  Let’s see how the next extension or correction looks before making the final determination.

15-min Chart (EOD):

60-min Chart (EOD):

Daily Chart (EOD):

10:40am EST:  SP-500 has now exceeded my 1165+ target for this wave 1-[5] that I set some 3 weeks ago when I recognized what was potentially an explosive move up coming after the 1112 to 1086 retrace.  There is solid resistance in the 1168 area from Oct 2005, (shown this past weekend on my SP-500 weeky time from chart).  There is additional resistance around 1177 from 2002.  I would expect this wave to end here in this resistance band between 1168 and 1177.  If it continues through this area without a significant pull-back, then we might already be in 3-[5] and 2-[5] was the 1086 low.  I’m going to start considering this option as an alternate count.

SP-500 15-min Chart (10:40am):

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