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July 12th, 2010: Update 5 – EOD

Posted by pugsma on July 12, 2010

5:45pm EST:  Based on the reasonably good Alcoa and CSX earnings news, the after-hours SPY is up about 4 SPX points or to about 1084.  I’m going to call today’s low of 1070 wave (4), and project the we are in wave (5) with an initial target of at least the 1097 area, which is the 50-day SMA and the top of the channel trend line (purple) off the 1220 April high.   I have an alernate count that the wave (4) low has not been put in and we get a c-leg drop to about 1066 before resuming the push to the 1097 to 1105 area later this week.

SP-500 15-min Chart (EOD):

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