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July 2nd, 2010: Update 2 – Intra-day Morning

Posted by pugsma on July 2, 2010

9:55am EST:  There has one unsuccessful attempt to break through the 1032 resistance area this morning.  Breaking this 1032 pivot point should allow for a run to the 1041 resistance area.   But up unless 1041 can be recaptured and held, the risk is still to the downside.  I have a wave 4 targets of 1028 (23% retrace) and 1039 (38% retrace) for the alternate count in red.   Above 1041 many of the shorts will be forced to cover going into the long holdiay weekend.  The small caps (Russel-2000) is looking very weak this morning this far.  That could be leading indicator of more downside price action to come.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=8f847192-7979-4c85-94e9-1b76fb3db69a

SP-500 15 min chart (9:50am):

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