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July 7th, 2010: Update 4 – Intra-day Afternoon

Posted by pugsma on July 7, 2010

3:30pm EST:  The SP-500 has exceeded my initial wave iii-(3) target of 1050.  It looks like the next stop is around 1056, which is the 13-day EMA.

Below is one of my favorite charts.  On this SP-500 daily chart, I have the 13-day vs 34-day EMA (Exponentional Moving Averages) and my own PUG Parallel Channel Lines (i.e. similar to the Andrew Pitchfork).  The 13-day over the 34-day EMA crosses, provide us with the intermediate trend-change signal.  And the parallel channel lines provide us with some good idea of where support or resitance may come into play.  Having held the 1011 support, we now are near the 1056 resistance point on this chart.   Once we break through 1056, we are likely on our way to test 1085 to 1100 and potential bull cross of the daily EMA’s.

SP-500 Daily 13 vs 34-day EMA (3:20pm):

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