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Friday, September 3, 2010

Friday updates

After the close, The SPX is now very close to challenging the major trendline from the top, this is a very important line for the bears to hold, and right now odds are not on their side, breadth finished at 3.62:1, advancers. I am making this a quick post and will finish updating later today, and over the long week-end!!!!
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9:00, The weekly chart of the SPX has took on a very bullish look now that the indicators have turned up and went on a buy. If the 20 week, and 50 week Moving Averages do not hold the SPX, next point of resistance would be the 200 week, MA, which also stopped the last advance.

8:43, Today's strong move really ups the odds this will be the correct count(the chart down below is the bears only hope). The SPX opened gap up, in what could be the point of recognition of the iii of 3 wave up, if the upper channel line/trend line fails to hold the SPX from advancing, a challenge of 1131 is a very high possibility, as well as making a major higher high, moving the longer-term trend bullish and opening the door for a test of 1219.80, notice that the RSI on this 60 minute chart peaked this morning, a very good sign that this is the correct wave count.


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8:24, It is now LAST chance for this count, wave 2 up(red ii), I removed the bullish count to clarify this bearish option although at this point the odds are not in favor of this count. The most important part of this chart is the readings on the RSI, which broke-out and made a new high, normally that happens on 3rd waves, and sometimes on "C" waves, but the SPX needs to immediately break-down and bust that channel to keep this count alive, other-wise the high of the day should be labeled as a 3rd wave. The SPX also made another minor higher high and a challenge of that major high at 1131 is now on the table if the SPX does not reverse direction ASAP. One other negative aspect to the above count is the SPX has retraced further then 62% now, and that lowers the odds that this would be a 2nd wave retrace.

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