Thursday, October 14, 2010

10/14/10 EOD Update - 7:20 PM

EOD Update - 7:20 PM

I just wanted to add this channel. If there is more upside in store, this looks like a good target. The minimum level is approximately 1190.

EOD Update - 1:15 PM

60 Min PREFERRED EOD Update - 1:15 PM

Another busy day at work today so I apologize for not putting out any updates. There really wasn't much to put out except for the fact that 1170 held as support and I have made some adjustments to my preferred count.

I previously mentioned that the pink ascending trendline has been relevant in this rise and today it played a role yet again as well as the lower ascending trendline of the ending diagonal.

Wave (2) blue retraced (1) 62% on the nose and then bounced from there.

5 Min EOD Update - 1:15 PM

Here's the 5 min view of the count. Notice wave (2) bounced at 62%? We'll see if that is correct.

60 Min ED Option EOD Update - 1:15 PM

This option gained a little momentum today but has not yet completely proven itself. Remember, I have been watching for the lower trendlines to break, which still has not occurred.

In fact the trendlines provided support yet again. The MAs and EMAs are still rising.

The 13 day EMA sits at 1158. If we see a larger pullback, I would expect that to be the first level of support.

Tomorrow I hope to have some time and provide some real time (or near real time) updates.
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