PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

«
»

Mar 9th, 2011: Update 4 – EOD

Posted by pugsma on March 9, 2011

5:00 pm EST:    The SP-500 is still within the triangle and I now think it is a contracting type triangle.  For the primary count (white) of minor 4-[3]P3, the SP-500 is working on wave c-(d) up to 1325/1328 and then (e) down to 1310/1312.   Once complete the triangle target is a 50 point move up from 1310/1315 to roughly 1360/1365 for minor 5-[3]-P3.  There is pivot resistance at 1363.  A break above 1332.28 will confirm.

For the alternate count (red) for the minor B-[4]-P3, the SP-500 is working on c-(c) up to 1325/1328 with (d) and (e) of minor B to follow.  Minor C should be a 50 point drop down to the 1270/1274 area.  The 23% retrace is at 1274 and minor C=A at 1270.   A break below 1303.99 will confirm.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

 SP-500 4-hour chart (EOD):

This entry was posted on March 9, 2011 at 5:03 pm and is filed under SP-500. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Sorry, the comment form is closed at this time.

«
»