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Sept 22nd, 2011: Update 2 – EOD

Posted by pugsma on September 22, 2011

6:25 pm EST:   Today we observed new lows below the lows of Aug 8th/9th on the DJIA and Russel-2000 which confirms the primary (red) count for the SP-500.   We have a confirmed MACD bear cross on the SP-500 4-hr chart and the SP-500 daily chart had a bear cross at today’s close, which needs confirmed.  The trend is down for the intermediate term.

I have major [1]-PC ended today at 1114.  I’m looking for major [2]-PC to bounce higher to between 1154 (38% retrace), 1168 (50%) and 1180 (62%) over the next several days.   Thered is the back-test of the broken channel and 1164/1166 gap waiting in that area.  From there, the waves for major [3], [4] and [5] of PC of Cycle should make a bottom between 930 (65% retrace of Cycle 1) and 1019 (50% retrace of Cycle 1) during Oct/Nov 2011.

Support is at the 1105 pivot and then 1087 pivot.  Resistance is at the 1136 pivot and then the 1168/1177/1187 pivot cluster.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

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