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Aug 31st, 2010: Update 3 – Afternoon

Posted by pugsma on August 31, 2010

2:55 pm EST:  Complete breakdown of the intra-day triangle, tells you just how bearish the market is right now.  Last chance for the bulls here.  They must not only save 1040 again, but must close in the green (above 1048) to have any chance at a rally into Labor Day.

Everyone knows there are tons of stops set just under 1040.  Can you image the flash crash 2.0 that will ocurr if 1040 falls?

SP-500 5-min chart real-time link:  http://www.freestockcharts.com?emailChartID=2d9ebfc3-2b55-4ee0-aebe-1bab9b47642c

SP-500 5-min chart (2:50 pm):

2:15 pm EST:  Does anyone now question why I chose (augfog) for the passward this month.  August has been a very foggy and difficult month to forecast and trade.

Looks like an intra-day contracting triangle has formed and it seems poised to bust to the upside, which has a triangle target of between 1060 and 1062.  But it could also break-down, as sometimes these triangles do.  Mixed up market too be sure.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=2e7c7941-458b-4349-8e72-90045029c131

SP-500 5-min chart (2:10 pm):

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