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June 16th, 2010: Update 2 – Intra-day Morning

Posted by pugsma on June 16, 2010

10:43am EST:  So far the SP-500 is consolidating above the 200-day SMA level of 1108 and support in the 1105 area. It’s also hold in the upper half of the most aggressive channel.   This is very bullish behavior and it holds the 1105 support I look for new highs above 1115 later this week.  It implies we are a wave (3).  I’m showing the alternate count as this wave (3) scenario, but will adjust the primary to this count if the bullishness continues without the wave (2) pull-back to 1087 I’m expecting by OPEX.   Remember my targets are in the 1150 to 1170 for both counts, so the odds favor more bullish behavior.

SP-500 15-min real-time chart link: http://www.freestockcharts.com?emailChartID=0c23fa7e-5ff5-4e5c-afa0-3911f363fc39

SP-500 15-min Chart (10:40am):

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