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Sept 2nd, 2010: Update 2 – Morning

Posted by pugsma on September 2, 2010

10:10 am EST:  Recall on back on Sunday Aug 29th, when I pointed out on the Daily Candle Chart the Full STO Oscillator had double bottomed and acheived  a bull cross.  When this has happend in the past the SP-500 had started an explosive move higher.  Well look what has now happened just 4 days later.  The MACD signal line has achieved a bull cross and the RSI has pushed back above 50.  And the SP-500 has shot up 40 points and has crossed back over the key 13-day EMA (at 1071 today).   And the SP-500 is workinig on rising above the 34-day EMA and 50-day SMA (at 1081 today).

Those who doubted my analysis and comments on Sunday 8-29 did not cover their shorts or buy and hold onto their longs on Monday and Tuesday’s re-test of the 1040 level.  Those that believed in my comments and analysis were richly rewarded yesterday.  🙂 

Note: If this current rally is to hold together and move much higher, I would expect any pull-back of the SP-500 to find support near the 13-day EMA of 1071.

SP-500 Daily Candles Chart (9-2-10):

SP-500 Daily Candles Chart (8-29-10):

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