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Aug 30th, 2010: SP-500 Monthly Chart

Posted by pugsma on August 30, 2010

12:30 pm EST:  If anyone new to the PUG Premium Service would like to try the final 2 trading day of August for free, I will provide you the August password, if you subscribe for Septmber at a reduced monthly rate of $25 (normally $30) or for September/October at a reduced rate of $40 (normally $60).  E-mail me a pu_gridiron@yahoo.com to get started.

12:10 pm EST:  Here is a quick look at the SP-500 Monthly chart and why I think the 1011 low of July 1st could hold.  The 20-month SMA is at 1010 today and rising and the 200-month SMA is at 969 today and rising.   Both should provide support, as the 20-month SMA did at the July 1st low of 1011.  To the upside the SP-500 will have to break the 50-month SMA at 1212 today and falling in order to make a new high above 1220.  The 50-month SMA acted as resistance at the April high of 1220.

Also, I’m looking at the sharp (3 to 4 month) “corrections” in the summer/fall of 1998 and 1999 as being similar to the current “correction” since April.  The market made new highs after each sharp “correction”.

SP-500 Monthly Chart (12:00 pm):

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