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August 9th, 2012: Update – EOD

Posted by pugsma on August 9, 2012

6:10 pm EST: As we have been discussing all the day, the SPX is poised to break down or up about 10 to 15 points from this 1400 level.   A good case can be made for either move in terms of the waves.  However, I believe the classic TA like the -div on the 60-min MACD and RSI(9) and two-day old -div on the $NYMO say the next move should be lower.  So I will maintain my primary count that wave c-(2) of minor 3 of major [3]-P3-C3 is headed for targets in the 1376 (62%), 1383 (50%) to 1389 (38%) area.

Support is at the 1386 pivot area and resistance is at the 1422 April high and the 1440 pivot area.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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