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Chart Technical Analysis and Commentary on the Stock Market

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January 3rd, 2013: EOD Update

Posted by pugsma on January 3, 2013

4:30 pm EST:   Wave v-(1) of minor 3 of  major [3]-P3-C3 extended to the v=1.62*i target of 1467 today.    The drop to 1455 is wave a-(2) and the bounce to 1459 looks like wave b-(2).  I’m now expecting a wave c-(2) drop to about 1443, where c=1.62*a for approximately a 38% retrace of wave (1).  A drop to the 1440 area for wave (2) is also a nice back-test of the IHS neckline before wave (3) rockets higher towards 1515, where (3)=1.23*(1).

Major support is at the 1440 pivot range (1433 to 1447) and major resistance is at the 1475 high from Sept 2012.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 1-3-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 1-3-13

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