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Aug 30th, 2010: Update 2 – Morning

Posted by pugsma on August 30, 2010

10:40 am EST:  Keep a close eye on the 1057 level today, as seen on the 60-min chart.  This is a key pivot area for the bulls to hold to continue to build the upward momentum.

Also, I added the lower light blue channel line into the 60-min chart.  This is the lower bull market channel line off the March 2009 low of 666, as shown on my daily chart.  A break of this channel would be near term (1 to 2 weeks) bearish.  Notice how the double bottom at 1040 from late last week tested this channel line and held.  Now if we fall back and break down throught it, then it would open the door for test of at least the 1011 to 1020 area.

SP-500 60-min chart real-time link: http://www.freestockcharts.com?emailChartID=75f81a71-51e7-4f2e-af4c-192340cd3841

SP-500 60-min chart (10:35 am):

10:20 am EST:  The 15-min chart just produced a bear cross on the MACD signal line.  Looks like wave ii-(1) down to test the 1050 to 1056 area is underway.

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

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