SPDR S&P 500 (SPY)

[Fox13]

Hi Foot. A continuation on the SPX moves, signals and targets on updated swing (1) and daily (2) charts:

On (1) two series of Fibonacci extensions generated a common 38.20 extension which in my opinion is a reliable pivot, which in turn validates further up moves (purple). 1074 is a first target which I share with Ty Durden and Nic Lenoir. But what intrigues me is the very high up 100% extension which would represent the classical AB = CD for this leg up = 108.28.

(2) shows why: if the “e” leg up inside this famous wedge is to be targeting its upper limit - into the OpExp day (10/16/09) - then, the value of that crossing would be SPX = 1,108.20. On this same chart the price action is now comfortably above the 377 EMA and above the 21 EMA. The 21 EMA (1049.41) has just crossed above the 377 EMA (1044. 71). The technical premises for a serious up swing are there. I know it sounds crazy, but 1,108.28 and 1,108,20 are awfully close numbers. What great news would be the catalyst of such a move? Perhaps Michelle will get elected Miss Universe…Anyway, I would not short this market right now…