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June 10th, 2010: Update 2 – Intra-day Morning

Posted by pugsma on June 10, 2010

9:40am EST:   SP-500 opened up nearly 19 points to 1075.   The SP-500 is very close to breaking the 7 week long down trend line off the 1220 April high (pink line).   This morning this line is at 1080 and falls to 1075 by the EOD.  If the bulls can hold the momentum above 1070, today could be a critical day in the intermediate trend change from down to up.  Remember that the primary count and 1st alternate both point to reach the 1220 level again by August.  Then the 1st Alternate starts to deviate as it predicts a re-test of 1040 in a 3-3-5 flat scenario.  And both predict much higher levels above 1220 into 2011 and 2012.

SP-500 15-min real-time chart link: http://www.freestockcharts.com?emailChartID=492080df-f9db-4d13-8bed-349e31ad003a

SP-500 15-min Chart (9:35am):

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