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July 12th, 2010: Update 4 – Intra-day Afternoon

Posted by pugsma on July 12, 2010

3:30pm EST:  Looks like the markets want to await the after-market Alcoa earnings news before making the next significant directional move.   Assuming no big sell-off or ramp up into the close, the market will be positioned right below key resistance at 1081.  A good report tonight should initiate pop up over resistance and a run to the 50-day SMA of 1097, which would still be part of wave (3).  A poor report and the 1056/58 area of support will be tested in wave (4) a-b-c Zig-Zag.  A mixed report will mean the consolidation triangle for wave (4) drags on another day.

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