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July 30th, 2010: Update 2 – Morning

Posted by pugsma on July 30, 2010

11:25 am EST:  The SP-500 bounced off the 1088 level, which is right near the 1089 (50% retrace) target for the primary count wave (2)-3-[1]-P3.  The 34-day EMA was also sitting at 1089 this morning and helped to provide support.  Looking at the Daily candle chart below you can see just how important this 1089 area is for the bull case.  We have been talking about this 1089 level as support for the bull case all week long.  Maintaining a posure above the 13-day EMA of 1095 now becomes critical for the rest of today.  The 13-day EMA produced a bull-cross above the 34-day EMA earlier this week and continued closes above the 13-day EMA are important for this trend up trend to remain in affect.   Also, as I mentioned earlier this week, the 50-week SMA is at 1099.  So a close today above 1099 would also be a bullish outcome.  A back-test of the diamond bottom pattern break-out occured in this same 1089 area.

Finally, you and see on the 60-min chart that the 1089 level today was also at the support of the lower trend line of the upward price channel off the July 1st low of 1011.  And looking back further into time the 1089 level this morning is at support from a long standng trend line dating back to the Oct 2009 and May 2010 lows.

SP-500 60-min Chart (11:05 am):

SP-500 Daily Candle Chart (10:44 am):

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