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June 29, 2010: Update 2 – Intra-day

Posted by pugsma on June 29, 2010

11:10am:  Here is the SP-500 daily candle chart that shows the DEATH CROSS (50-day SMA under the 200-day SMA) is very near.  MACD has had a bear cross as well.  A drop below 1041 and the bears win a major victory that opens the door for much lower prices.  I’m thinking the bulls and bears may battle it out near 1041 for the next few days as we await the June Jobs Report.

SP-500 Daily Candles (11:00am):

10:35am EST:  There exists a good proability that the bounce up to 1085 from 1067, that looked like a triangle, was actually a wave 2-[C]-P2 and we are now in wave 3-[C]-P2 down.  This will be confirmed if 1041 breaks down on this move.  If not, then this drop from 1131 to 1043 can be labeled at wave 1-[C]-P2 and we’ll get a bigger 2-[C]-P2 bounce in the coming days.    For the alternate count in red, about the only possibility now is that this is a 3-3-5 flat from wave [B]-P2.  Wave A-[B]-P2 was 1042 to 1131 and B-[B]-P2 is this current drop from 1131 to 1043.   We’d then expect a final C-[B]-P2 up to about 1131 befor [C]-P2 down.

My charting service is having issues, so I will update the 15-min chart later.

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