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June 14th, 2010: Upate 2 – Intra-Day Morning

Posted by pugsma on June 14, 2010

10:00am EST:  The look of the aggressive move up on the 15-min chart that began late last Friday and continued this morning is a wave iii-(3).  The gap up this morning could be the “recognition gap” if the market expands higher over the next few days to weeks.  The recognition gap in a wave iii-(3) move really should not be closed in the near-term.  So that will be one clue to tell us if this really is iii-(3) or just i-(3).   There are two near by gaps from the move down in May to close over the near term. They will provide resistance to the bullish move.  The first is the 1097 to 1106 gap from a week ago Friday (i.e.May  jobs report gap down).  The second is the 1106 to 1119 gap down from a couple weeks ago.  This whole 1100 to 1120 area is a big hurdle for the bulls to over-come.  But just like in mid-to-late Feb, if they get it done, then it’s off to the races higher.  The inverse head and shoulders target is 1119, so I’m looking for wave v-(3) to reach this level over the next week.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=26cd1cca-0004-4881-a907-145438cff265

SP-500 15-min Chart (9:50am):

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