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Sept 9th, 2010: Update 3 – Mid-day

Posted by pugsma on September 9, 2010

12:10 am EST:  The SP-500 is near the 200-day SMA of 1115.  Several price decline warning signs starting to show  up.  JJC (a proxy for Dr Copper) is showing a negative divergence with the SP-500 price.  Also, the RSI-5 is showing a negative divergence with the SP-500 price.  Notice how the Dr Copper and RSI-5 negative divergence predicted the last 3 significant declines in SP-500 price. Also, volume continues to decrease and negatively diverge with price.

A pull-back in the SP-500 price is due.  I’m expecting wave (2) down to get started soon with a retrace of wave (1) target between 1067 (62%) and 1075 (50%).   Note the 20-day SMA is currently at 1076 and should provide support on the pull-back.

SP-500 Daily Candles 9-9-10 (12:00 pm):

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