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June 17th, 2010: Update 2 – Intra-Day Morning

Posted by pugsma on June 17, 2010

10:33am EST:  The SP-500 is experiencing the pull-back I expected  this morning, with the SP-500 now at 1108 and declining.  I’m looking for a wave (2) test of the 1090 area or a 38% retrace of the wave (1) move from 1042 to 1119.  At an minimum the 1100/1105 area should be tested and if the middle channel line holds that will be the end of it.  But I’m thinking we test the lower channel line near 1090.

SP-500 15-min real-time chart link: http://www.freestockcharts.com?emailChartID=da3ea960-2123-472a-bfb1-31ebc8220839

SP-500 15-min Chart (10:30am):

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