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Aug 23rd, 2010: Update 2 – Morning

Posted by pugsma on August 23, 2010

10:55 am EST:  I’m looking for a gap fill around 1070 to 1072 to form the right shoulder of a small inverse head and shoulders with neckline at 1080. Inv H&S target is 1096.   The 60-min chart acheived a MACD bull cross this morning and is showing a strong MACD positive divergence with price.  The VIX is still in the red even with the price weakness this morning, indicating another divergence. 

Obviously a break below Friday’s low of 1064 would change the count and would be bearish for the near term.  It would confrim that wave v-(c) is not complete and a target near 1056 (62% retrace) would be back in-play.

SP-500 15-min chart real time link: http://www.freestockcharts.com?emailChartID=90f4716a-c91b-4f84-89b7-ac472c459f73

SP-500 60-min chart real time link: http://www.freestockcharts.com?emailChartID=43b5b4f3-fb8c-4a52-8fbf-bf6ed9af67e2

SP-500 15-min chart (10:45 am):

SP-500 60-min chart (10:45 am):

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