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June 30th, 2010: Update 2 – Intra-day Morning

Posted by pugsma on June 30, 2010

11:09am EST:  So far the market is holding the 1040 support area, that was slightly breached is a quick spike down to 1035 yesterday.  There is potential bull flag forming at the end of yesterday’s long flag pole drop from 1074 to 1043.  If this plays out as I expect, then there will be retrace for wave 2-[C]-P2 to at least 1063 (38%) in an attempt to fill the gap down from yesterday.  And the bounce could easily reach the 1083 (50%) to 1094 (62%) levels by about July 15th of OPEX week.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=fd2d0d62-a419-4066-93a6-51359c34a5ce

SP-500 15-min Chart (10:00am):

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