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June 8th, 2010: Update 5 – Intra-Day Afternoon

Posted by pugsma on June 8, 2010

2:38pm EST:  The bears had their chance three separate times today to crack the 1040.78 low, but they fumbled going in at the 1 yard line.   And now the bulls are back running with the ball trying to get a 1st down beyond the 11 yard line (1050) on their own end of the field.  It’s the opposite of what transpired on last Friday at the 1106 area (200-day SMA), when the bulls coughed up the ball at the bears 1 yard line.  So the battle wages on for yet another day.  Trying to play the field position game, and set-up the next big push for the score.  Mid-field is around the 1070 to 1080 area.  And that should be the next key area to watch, as it’s the upper pink trendline off the 1220 high.  If the bulls can close it above 1050 again today, then they have a shot of moving the ball back towards mid-field this week.

SP-500 15-min Chart (2:30pm):

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