Monday, August 2, 2010

SPX - AM [Updated with MACD Centerline Crossover]

SPX - 30 MIN - 7:25 AM
SPX - 30 MIN

I switched to a 30 min view since I'm running out of run on the 15 min. As posted last Friday, I was expecting the beginning of a third wave up and so far the market is not disappointing.


We are 5 points over the 200 daily SMA and now upon the neckline of an inverted head and shoulders that I have talked about. The target for this inverted h/s is approximately 1240.

The 13, 21 and 34 EMAs are all above the 50 SMA, which has started to turn back up towards the 200 SMA.

I still love this channel. As previously mentioned, the market bounced off the 25% channel and now looks clearly headed for the 50% channel at a minimum of 1150.

Remember this chart? I've posted this one a few times now too. That desceding trendline (red) is the neckline of the bigger fractal possibly playing out.

Keep in mind though, the larger fractal may be missing one more leg down, which in order to work, will require a lower low than 666.

I'll have to play with the charts to ensure that is what may be playing out.

SPX - Weekly Bull
Lastly, another chart I have posted several times now to keep the bears in check.

Not saying this is the right count but nothing wrong with it. Notice the ascending trendline support?

SPX - Daily MACD Centerline Crossovers
Here's an update to this chart I posted here. Again, just an observation at the time but look at the nice little backtest of the orange descending trendline.

If history repeats, we're looking at a 100 pt move, which is consistent with everything else I have presented. We'll see...

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