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Sept 17th, 2010: Update 3 – Mid-day

Posted by pugsma on September 17, 2010

12:40 pm EST:  This entire week-long price action in the SP-500 has just crazy and tough to count.  Now I’m seeing potential  10 point sized contracting triangle on the 5-min chart within the larger ascending triangle.  Both of which point to a resolution of 1135.   

I’d like to see this pop up to 1135 or break-down today below 1122 to start to get some clarity on the next big directional move.  But maybe we’ll have to wait for Fed Meeting next week to resolve this mess.  The bulls are certainly winning by holding the SP-500 above the key 1090 and 1107 pivots and near the 1137 pivot.   The bulls have the SP-500 in position for a major break-out if they can overcome the 1137 pivot.

SP-500 5-min chart (12:35 pm):

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