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Aug 20th, 2010: Update 3 – Afternoon

Posted by pugsma on August 20, 2010

2:50 pm EST:  This post was left in the clear (i.e. not password protected) on purpose so that all the blog followers might benefit on this Friday afternoon.  This if typical of my protected intra-day posts.  If you would like to join the premium servce for the month of September, I will can offer you the rest of August for free.  The monthly rate of $30 for September would apply, so you will basically are receiving the final 7 trading days of August for free as an incentive to join now for September.  E-mail me at pu_gridiron@yahoo.com to sign-up for September. 

2:45 pm EST:  Bullish falling wedge was broken to the upside.   There is confirming positive divergence on both the 15-min and 60-min MACD signal line and histogram.  My target for this bounce is 1086 by Monday or Tuesday.

The VIX is now deep in the red for the day forming another postive divergence with the 1063.91 price low this morning vs the 1069.49 price low on Monday.   Also, we could see a significant McClellan Oscillator daily divergence at today’s price low if we close above 1070.

Finally the Nasdaq is leading the way today and just turned green for the day.

SP-500 15-min chart with MACD real-time link: http://www.freestockcharts.com?emailChartID=746ba522-3976-4b4b-b498-7648ff1cf000

SP-500 15-min chart (2:40 pm):

SP-500 60-min chart with MACD (2:55 pm):

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