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June 18th, 2010: Update 2 – Intra-day Morning

Posted by pugsma on June 18, 2010

10:15am EST:  The bears have their backs to the cliff (1120 level).  This a complete role reversal of when the bulls stood at the cliff (1040) just one week ago on June 9th.  If the bulls push through 1120, then it’s clear sailing to 1130, 1150, 1170, 1200…for the summer time rally.  Do the bulls want to pop the bear’s stops set at 1120 today?  The bulls are working hard to trigger that condition right now.  Personally, I think the bears are going push this back below 1105 again, with a 1090 target for early next week, before the bulls have their fun in the sun.  

SP-500 15-min real-time chart link: http://www.freestockcharts.com?emailChartID=c92510a4-f651-41df-ab3e-dccc669f7446

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

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