S&p 500 - Daily (log Scale) - A Triple Combination?

S&P 500 - Daily (Log Scale) - A Triple Combination?

(Y) “c”

A triple combination is of the structure: 5-3-5-X-5-3-5-X-Triangle

“c”

“e”

“d”

“a”

(X) (W)

(Z)

“a”

“b”

“b”

alt ( W )

957

“c”

869

“a”

(X) “b” This model is looking more viable with each day. The steep uptrend line was broken on the log scale charts, which is the chart scale we should be using for a move that covered this much distance. Retesting the backside of a broken trend line is common--this might be what is going on here. Or, as implied by this model, we’re forming a concluding triangle that will “exhaust” all remaining buyers.

It would take a break above 1110 to start damaging this model--that would be the “a”=“c” target.

Andy’s Technical Commentary__________________________________________________________________________________________________

S&P 500 ( 60 min ) - Z-Wave

“a” 1102

Targets:

-b-

1079 for 61.8% of “a” = “c” 1084 for “Gap Fill”

“c” Gap: 1082-1084

(Z) “e” -a-

x

“d” -c-

w 1029

1020

y “b”

(X) Andy’s Technical Commentary__________________________________________________________________________________________________

S&P 500 ( 30 min ) The S&P 500 gapped open today, so that 1070-1072 zone will need to be filled at some point. This my best interpretation of the action so far. More price action will give more clues. For now, I cannot get short term bearish until the market breaks below 1070, the point of the “breakout” this morning. It still looks like we can get more wave development before concluding the pattern up from 1029.

“c” -c-

-a-

y -c-

alt:-a-

-b-

-a-

w

z

alt:-c- of z

x

-c-

alt:-balt:x

-b-

-a-

x -b-

1029

There’s always an “alternative” way to label a move. It’s possible we’re blowing off right now and the pattern from 1029 is concluding today. It would take a breakdown below 1070 prove this case.

“b” Andy’s Technical Commentary__________________________________________________________________________________________________

S&P 500 ( 30 min ) - Double Zig-Zag 1102 [a]

(b) [c]

This is my preferred model. The market appears to have completed a Double Zig-Zag lower. If so, the current bounce would have to be just an (a) wave of what will become an (abc) pattern that works itself higher. Would expect that the 1076 zone presents a big resistance point. However, the 1082-1084 mini-gap remains on the chart and could act like a little magnet.

Gap: 1082-1084

(a)

1076

[b]

[2]

(c)

-x[c] of (a)

[1]

Reprinted from 11/6/09

[4]

(b)

[3] [a]

(b)

[5]

(c)

-w-

[b]

(a) (c)

-y-

a? Andy’s Technical Commentary__________________________________________________________________________________________________

S&P 500 - Daily (Log Scale) - A Triple Combination? (Y)

(Z)

“c” A triple combination is of the structure: 5-3-5-X-5-3-5-X-Triangle

“a”

( Z )?

1020

(X) alt ( W )

“b”

(W)

957

“c”

869

“a”

(X)

Reprinted from 11/6/09

“b”

There remains a serious possibility that the final (Z) wave forms a triangle that serves to “exhaust” all the remaining buying power. There’s been so much chatter around “techie” boards on this rising wedge, it would see appropriate that the broken trend line gets vigorously tested on the backside. If the market does plunge, I would expect 957 to provide good support on the first go around.

Andy’s Technical Commentary__________________________________________________________________________________________________

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