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Sept 15th, 2010: Update 2 – Morning

Posted by pugsma on September 15, 2010

11:05 am EST:  The 15-min chart shows the SP-500 hanging in thin air after breaking the bearish rising wedge today and back-testing.  The 20-day SMA at 1085 should draw it down like iron filings to a magnet. Notice the triple negative divergence on the MACD signal line.

SP-500 15-min chart (11:00 am):

10:15 am EST:  Well just as posted this, it busted through 1121.  So now, I’m looking for a potential i-ii, 1-2 wave count (shown below in the 10:15 am 5-min chart update) to get this wave (a) of (2) lower started or a leading diagonal.  In either case, the SP-500 must not surpass 1127.36 high to remain valid.

SP-500 5-min chart (10:15 am):

10:10 am EST:  Looks like a typical broken channel back-test thus far.  It’s likely to hang out between the 1113 and 1121 gaps the rest of the day.  Any move below or above these gaps should be considered for a potential large follow through in the direction of move. 

My currently thinking (and primary count) is that the 1110 to 1113 gap is going to break-down eventually and the SP-500 will move lower going into next week in a corrective wave (2) down to the 20-day SMA near 1085 to 1095.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=4c52bbe7-e943-4c32-8d2f-97daa79d6e2b

SP-500 5-min chart (11:00 am):

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