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Mar 2nd, 2011: Update 2 – Morning

Posted by pugsma on March 2, 2011

11:25 am EST:  And here is the updated 15-min chart.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=a60cc6c0-23de-4df9-98da-2f0c2ec1418a

SP-500 15-min chart (11:21 am):

11:05 am EST:  Updated 5-min chart with a modified 2nd alternate count (red).  With the strong bounce today toward the 1315 pivot resistance, I think the best count for the 2nd alternate (red) is that the move from 1332 to 1304 was only wave i-(c).  The bounce up to the 1315 is wave ii-(c).  Next would be a wave iii-(c) drop to at least 1287.  But if the SP-500 can scratch and claw its way back above the 1315 pivot resistance and close there, then the 2nd alternate count is fading even further back in terms of likelihood.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=dfb39600-ed6b-4f91-aa6e-b1118aa724f1

SP-500 5-min chart (10:58 am):

10:10 am EST:  Updated 5-min chart.

SP-500 5-min chart (10:08 am):

10:00 am EST:   So far the 1303 pivot support has held this morning.  There is the potential far a MACD bull cross “buy signal” on the 15-min chart, but it needs confirmation with another 15-min bar at 10:15 am EST.

SP-500 15-min chart (9:55 am):

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