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June 16th, 2010: Update 3 – Intra-day Afternoon

Posted by pugsma on June 16, 2010

2:55pm EST:  There is a potential bearish rising wedge or end diagonal on this last push higher to close the gap at 1119.  I maintain that for the primary count, a drop back into the 1080 to 1090 will happen by OPEX.  And at a minimum a legit test of the 1100 to 1105 area is due.   There would need to be a convincing push above 1120 to change my opinion on this.

SP-500 15-min Chart (2:50pm):

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