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Sept 15th, 2010: Update 4 – Afternoon

Posted by pugsma on September 15, 2010

3:00 pm EST:  Let’s see if the small Head and Shoulders Pattern on the 5-min chart can take the SP-500 down to 1103 in the next day or two.  But that just might be the leg a-(2).  Then we bounce to the 200-day SMA at 1115 for leg b-(2) and then fall to the 20-day SMA near 1085 to 1095 to complete c-(2).  That’s my thinking of how this plays out as long as 1127.36 is not breached to the upside.

SP-500 5-min chart (2:55 pm):

 

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