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Mar 7th, 2011: Update 4 – Afternoon

Posted by pugsma on March 7, 2011

2:5-0 pm EST:  Updated 15-min chart.  The primary count (e)-wave threshold low of 1302.58 was held thus far with day’s low at 1303.99.

SP-500 15-min chart (2:46 pm):

2:40 pm EST:  As I mentioned in the comments section  you want to be watch the RSI (14) 50 area and 50-day SMA (currently at 1298) like a hawk here the rest of today and into tomorrow.   You can see on my daily candle chart with the red and green boxes, how critical these level are to maintaining the trend.  Once below them the trend as turned down and once of them the trend is up.  The market has it’s back against the wall, much like Nov 2011, where it held above those critical levels and rallied into mid-Feb 2011.  It will need a repeat performance here over the next few days or else the trend will likely turn down for the intermediate term of at least a few more weeks to month.

So along with the primary count, (e)-wave low threshold of 1302.58, watch the RSI (14) 50 area and the 50-day SMA very closely.

SP-500 Daily Candles Chart (2:25 pm):

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