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Sept 9th, 2013: EOD Update

Posted by pugsma on September 9, 2013

4:20 pm EST:   Given the strength of the move up today, there are several good reasons to upgrade the alternate (blue) count to the primary count: 1) SPX close above the 50-day SMA (1666), 2) SPX daily MACD bull-cross 2nd day confirmation, 3) $NYMO strength on the move to +40, 4) Russel-2000 relative strength and 13-day over 34-day EMA bull cross and 5) Nasdaq-100 new post-2009 recovery high.  The only reason I have not changed the charts is that I’m too lazy to do so today and will wait one more day of SPX price movement before making the change.

The primary count is that minor B of major [C]-P4-P1 has ended or is nearing completion to today at 1672.  The type 50%/62% retrace target for minor B is at 168/1678, so this area is in-line with a typical minor B wave move up.  The next move should be a minor C wave down to the 1590 to 1596 target area where C=A.  This wave count remains valid unless the 1709 high is breached above before a drop below 1627.

The alternate (blue) count is that wave iii-(3) of minor 1 of major [3]-P5-C1 is nearing its completion target of 1679, where iii=1.23i.  The wave (3) target is at 1687 where (3)=1.62*(1).  Ultimately I think minor 1 will reach at least the 1687 pivot area and as high as 1709.  From there, the minor 2 pull-back should hold above 1654 support before minor 3 of major [3] moves towards 1800 into the end of 2013. This alternate (blue) remains valid unless the 1627 is breached below before a move above 1709.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 9-9-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 9-9-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 9-9-13

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