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July 6th, 2010: Update 3 – Intra-day Morning2

Posted by pugsma on July 6, 2010

11:50am EST:  If you were a paying subscriber to this blog (only $30 per month) you would had access to my intra-day update #5 market call on Friday, July 2nd.  “3:30pm EST, July 2nd:  I’m making the call this afternoon, July 2nd, 2010.  P2 has ended at 1010.91 the 38% P1 fib point.  This is the PUG P2 bottom.   Tuesday July 6th, after the 4th of July Holiday, is when the fireworks begin on the start of P3.  We have been putting in the i-ii of 1-[1]-P3 the last couple of days.  I’m looking for 1040 by Tuesday July 6th and 1084 by Fri. July 16th for OPEX.”  And you could have profitted from this information 30 minutes before the market close on Friday by re-positioning yourelf before the weekend.  The SP-500 has hit 1042.5 today, so it exceeded my call by 2.5 points.  And now I’m looking for the second part of the call to come to pass with a 1084 target on or before Friday July 16th.

11:20am EST:  Notice the similarities between the Jan-Feb correction and the Arp-July correction on the attached chart.   The latest correction so far looks like a larger version.  Notice the two daily candles that followed the long tailed hammer candle on Feb 5th.  The first was a red candle half the depth of the long hammer candle, followed by a white channel with a moderaly long upper wick that reached above the hammer candle.   Friday was the red half depth candle and today is the white candle reaching above the hammer candle.  Assuming the positive price action holds into today’s close, then there is going to be a large positive divergence set-up on both the MCAD and McCellan oscillator, which would indicate a sizable trend change.

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

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