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June 11th, 2010: Update 4 – EOD

Posted by pugsma on June 11, 2010

9:40pm EST:  I apologize for the late EOD update.  I manage a 14U boys travel baseball team and we had an out of town, 3:15pm game today in the IL State Tournament.   So I was calling pitches instead of calling the market this afternoon.  Ask me which I’m better at.  🙂

Not much exciting happened with the SP-500 today.   However, the good news for the bulls is that the market shrugged of some bad news (May retail sales drop of 1%) for the first time in over a month and produced a nice follow-through day to yesterday’s aggressive gains.  Also, going in the bulls favor is closing at 1091 which is above some key resistance levels like the 13-day EMA (1083), the 20-day SMA (1087), and the 50-week SMA (1081).  The weekly chart sports a nice bullish hammer candle.  All of this is beginning to signal an intermediate trend change from down  to up.  We’ll need to see some more follow-through next week above 1105 to further confirm my thinking on this.  The 200-day SMA sits at 1108 today and it a tasty bull target for next week.

The primary count is wave i-(3)-3-[1]-P3.  I’m looking for wave i-(3) to be over or almost over at 1092 today.  I think wave ii-(3) could retrace to the 1071 (50%)to 1076 (38%) area next week.  The 1st alternate count is wave i-(3)-A-[B]-P2.  Both counts are esstentially the same up until 1220 and both are targeting the 1120 area in the next week and 1150 in the next 2 weeks.  The 2nd alternate count of the leading diagonal for wave [A]-P2 is dead.

Have a great weekend!

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

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