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June 3rd, 2010: Update 3 – EOD

Posted by pugsma on June 3, 2010

5:56pm EST:  The SP-500 closed above the 13-day EMA of 1100 for the first time since early May.  And the high of the day tested the 200-day SMA at 1106. There was also a bull cross on the MACD today (see the daily candle chart). The bias is upwards.  The SP-500 is poised for a “gap and go” above the 1105 to 1115 resitance band and blow-out May jobs number may do the trick.   I have the primary count as wave iii-(3)-1-[1]-P3.  Wave (3)  target is 1130 and a final target for this wave 1-[1]-P3 at 1150.  The 1st alternate count is wave iii-(3)-A-[B]-P2.   This A-[B]-P2 wave has the same 1150 target.   Rallying above 1115 is the key for a intermediate term bullish bias, just as it was during the Feb 5th rally.  With the failure of the triangle, I have removed the 2nd alternate count.  On any down-side action tomorrow the key level to watch is 1088. 

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

SP-500 Dialy Candle Chart (EOD):

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