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Jan 7th, 2011: Update 2 – Mid-day

Posted by pugsma on January 7, 2011

12:20 pm EST:  SP-500 15-min chart added.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=6d74cdb7-8030-449d-83cf-c391de27cc46

12:10 pm EST:  The drop to 1266 looks like an a-b-c for wave iv-(5) of the ED.  Wave v-(5) target is 1281 to 1285 by Mon/Tues. 

The alternate is that 1266 is wave 2-iii-(5) and wave 3-iii-(5) towards 1297 is about to get underway and will last the next week or more.

Key support is at the 13-day EMA of 1261 and then the 1257 pivot.  A close below the 1257 pivot would likely mean the long uptrend has topped.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=ca57aac9-da75-4b1f-9f87-376fbe83effa

SP-500 5-min chart (12:00 pm):

SP-500 15-min chart (12:15 pm):

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