PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

Aug 4th, 2010: Update 2 – Morning

Posted by pugsma on August 4, 2010

10:55 am EST:  Here is the same close-up 15-min chart with the rising channel off the 1088 low from Friday drawn in.  If the lower channel line breaks and  a drop below 1118.07 happens, there could be  mad rush to the exits.  Conversely if the SP-500 can maintain the channel and the 1118.07 level, then more upside should follow.  It’s at a tipping point right here.

SP-500 15-min chart (10:53 am):

 

10:43 am EST:   It looks like a failed wave-v of 1-(3) completion this morning.  Technically speaking it’s not a failed wave-v since SP-500 did make a slightly new high at 1127.75 vs 1127.30, but the result is still the same in that it produced a hard reversal.   If the 1118.07 level is breached, I’m looking for a potential retrace back to the 1103 to 1107 area for wave 2-(3).  If the SP-500 can maitain above the 1118.07 level, then the orignal 1134 to 1138 wave v of 1-(3) can still be achieved.

SP-500 15-min chart (10:35 am):

Sorry, the comment form is closed at this time.

 
%d bloggers like this: