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October 14th, 2011: Update 1 – Mid-day

Posted by pugsma on October 14, 2011

1:10 pm EST:  Just a quick update on my lunch break.  On the 5-min chart the key market is 1207.46.  Above 1207.46, then this looks like a wave iv-(5) pull-back with a new high up to 1228 (where v=i).  Below 1207.46, then the top of major [A]-PB or [1]-P1 is likely in place at 1221.46.  

Also, make sure you watch the $NYMO at the close today.  For a negative divergence to form, we need to see the SP-500 close above Wednesday’s close of 1207 and the $NYMO to close below 75.  If the $NYMO close above 75, with the SP-500 above 1207, then there is not a negative divergence yet and the SP-500 could continue to push higher.

SP-500 5-min chart (1:00 pm):

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