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Aug 13th, 2010: Update 3 – Afternoon

Posted by pugsma on August 13, 2010

2:15 pm EST:  On the 15-min chart with MACD you can still see a potential bearish expanding triangle for wave (4) of C.   Target still in the 1070 area.  Like I said.  Keeping us guessing on the next move.

OPEX Max Pain is at SPU 110.0 or SPX 1097.   However, apparently there is a lot of new (since last week) open interes at SPY 105.0 or SPX 1047.   So those are the most likely two target areas for Friday August 20th.   That does not help us here stuck in the middle between SPX 1077 and 1087.

SP-500 15-min Chart (2:10 pm):

1:50 pm EST:  The 60-min chart with MACD is showing a bull cross of the signal line and a historgram making a bullish move above the zero line.  Could the drown tread for wave 2-[1] be over at the lower channel line?   Could we be setting up for an explosive move up into OPEX Friday, 8/20?  A close above the 50-day SMA at 1088 would be very bullish.  But I’m thinking it may close between 1180 and 1088 keeping the bears hoping for a 5th wave down for Monday and bulls waiting for the next pop higher.

SP-500 60-min Chart with MACD (1:45 pm):

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