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June 8th, 2010: Update 2 – Intra-day Morning

Posted by pugsma on June 8, 2010

10:43am EST:  We’ve had a cash price low of 1045.11.  Not too far off the 1044 target based on the ES ending diagonal (bullish falling wedge) target.  There could be a little more down-side to go.  But if can hold above 1040.78 this morning, I’m looking for a retrace of at least 38% of the move from 1106 to 1047 which is about to 1069.  That is where it will get interesting, as a break back above the falling pink trendline will signal a trend change from down to up.  Likewise a break below 1040.78 and things will get interesting to the down-side with immediate targets at the 1030 level and final targets near 1010.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=bd4f170c-3bd9-45cd-8a6a-ce2e88d12dfc

SP-500 15-min Chart (10:30am):

 

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