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July 22nd, 2010: Upate 3 – Mid-Day

Posted by pugsma on July 22, 2010

12:10 pm EST:  The SP-500 hit 1096.55 and filled the 1093 to 1096 gap left open from the Friday OPEX drop.  Remember yesterday, I showed how Dr Copper had already set this recory high near 3.10 on a break-out, indicating Dr Copper was predicting an SP-500 move back to the 1099 area.

We need to watch the rest of the day to see if the SP-500 can consolidate today’s gains above the 50-day SMA that has now fallen to the 1085 area.  It looks like we are in a wave 4 of the very first move up off (2), so I’m expecting this first wave  i-(3) to reach the 1100 to 1105 area later today.

SP-500 15-min Chart (12:00 pm):

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