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June 30th, 2010: Update 3 – Intra-Day Afternoon

Posted by pugsma on June 30, 2010

3:27pm:  I have a new alternate shown in blue/purple on my 60-min chart (that could become my primary) that will make both the bulls and bears unhappy for the next 2 months.  I think we may chop between 1029 and 1100 over the next 6 to 8 weeks (the rest of the summer) in a large ending diagonal (ED) pattern for wave [C]-P2.   There will be small rally to the 1100 level into OPEX week of July 17th and then a fall back below 1040 after Q2 earnings into mid-August.  We will eventually work our way towards the 1018 to 1029 level to compete [C]-P2.   For this count the key support area from 1018 to 1029 will hold and it will become the launching pad for the next major bull run going into the end of 2010 and continuing for 2011.  For this alternate count we are just now ending wave 3-[C]-P2 of the E and are looking for wave 4-[C]-P2 bounce back towards 1100.

For now, I will keep the primary count unchanged that we are near the end of wave 1-[C]-P2 and are looking for the wave 2-[C]-P2 bounce to 1083 to 1094.   Both counts point higher once this current wave ends.  And both counts peak near 1100 in mid-July.  The difference between the counts will be when the 1029 to 1040 area is tested after the Q2 earnings.

SP-500 60-min Chart (3:00pm):

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