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Sept 16th, 2010: Update 2 – Morning

Posted by pugsma on September 16, 2010

11:10 am EST:  I have added an alternate count to the 5-min and 15-min charts that would indicate a new wave (1) high above 1127.36 is possible. The target is the 1135 area for wave v=i, which just below the 1137 pivot resistance.   There is a large bearish rising wedge shown on the 15-min chart that has support in the 1118 to 1120 area today.  And there is also another small bullish ascending triange on the 5-min chart that targets the 1139 area if breaks to the upside. 

I feel strongly that a wave (2) correction is coming in the next few days and it’s simply a matter of from what level it starts.  The SP-500 is showing remarkable strength above the 200-day SMA level of support 1115.  Today is the second consecutive Fed open market action day, so this is likely helping to hold it up.  Tomorrow is OPEX and there is no Fed action, so maybe they let it drop then.  Monday is another Fed open market action day.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=e81346a4-a371-4f7d-9a9f-80ca3876105b

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=e805bee3-5688-4cc0-a81b-05b705b5ac5b

SP-500 5-min chart (10:55 am):

SP-500 15-min chart (10:55 am):

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