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Sept 29th, 2010: Update 2 – Morning/Afternoon

Posted by pugsma on September 29, 2010

2:55 pm EST:  Assuming the SP-500 does not break above 1150 or below 1137 in the last hour of trading, the market is positioned perfectly for an explosive wave 3-iii-(3) up to 1174 (primary count) or a nasty wave iii-c-(2) down to 1123 (alternate count).   So about a 2.0 to 2.5% move either way.   I’m leaning 75%/25% to the primary count vs the alternate.  Place your bets…

Lots of economic data the next two days to use as the “excuse” for the big move.

SP-500 5-min chart (2:50 pm):

10:05 am EST:  Early weakness towards the 50% retrace area of 1141, just as I forecast and expected.  I’d expect today to be fairly boring day as the SP-500 churns above the 1137 pivot support setting up for the 3-iii-(3) move towards 1174.

The only way today will get exciting is if there is break below the 1137 pivot support or above the 1150 resistance.  But, I’m afraid we’ll have to wait for Thursday for the move higher.  There are 3 POMO days (9/30, 10/5, and 10/6) in the next 5 trading days.  Follow the Fed and follow the money supply…

SP-500 5-min chart (10:00 am):

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