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Februrary 11th, 2014: SP-500 Mid-day/EOD Update

Posted by pugsma on February 11, 2014

12:25 pm EST:   As always during the last 4+ years, surprises are to the upside when the primary is bullish and this move up off 1738 looks a lot like all the swing lows during 2013 that where up very strong during the first 7 trading days.

Primary count has wave (5) of minor 1 of major [5]-P3-C1 underway with a target between 1814, where (5)=1.23*(1) and 1821, where (5)=1.62*(1).   Once minor 1 completes there should be a quick (1 day) and mild 38% retracement for minor 2 to back test the rising 13-day EMA around 1790 before minor 3 head above 1851 toward the 1923 target, where minor 3 = 1.62*minor 1.  Ultimately, I’m expecting major [5]-P3-C1 to reach the 1941 target, where P3=1.23*P1.

The alternate (blue) count where this move up is a minor B wave of major [A]-P4-C1 is looking a lot less likely, unless the SP-500 can stall here near the 1814 and then quickly break back under the rising 13-day EMA of 1790 and then break below the 1775 pivot.

SP-500 15-min chart (mid-day):

PUG SP-500 15-min chart MD 2-11-14

SP-500 60-min chart (mid-day):

PUG SP-500 60-min chart MD 2-11-14

SP-500 4-hr chart (mid-day):

PUG SP-500 4-hr chart MD 2-11-14

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