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Aug 17th, 2010: Update 4 – Mid-day 2

Posted by pugsma on August 17, 2010

12:50 pm EST:  Turn-around-Tuesday they like to call it.  On the daily chart with the 13 vs 34-day EMA we can see just how important for the bulls and bears alike the 1099 area is today.  There is a bull cross on the 13 vs 34-day EMA that is in place since July 26th.   The 1099 level is the 50% retrace of the last week drop from 1129 to 1069.  And 1099 is the 13-day EMA that separates the bear and bull intermediate term counts (i.e. primary vs alternate).   SPY Max Pain is at 110.0 (1097 SP-500) and they may try to just pin it here the rest of the week.

The bulls are back in position to take control of the market for the intermediate term.  The bulls need to find some energy this week to push above 1106 and then back above the 200-day SMA of 1114.  The DOW-30 is already back at it’s 200-day SMA today and never closed below it’s 50-day SMA. 

SP-500 Daily Candles 8-17-10 (12:33 pm):

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