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July 13th, 2010: Update 2 – Intra-day Morning

Posted by pugsma on July 13, 2010

11:05 am EST:  After a week like this with big gains, it’s best to step back and look at the bigger picture, 60-min chart.   Since the July 3rd call of the bottom, I had the 1085 to 1105 area target based on the 50-day SMA (currently at 1095) and the down channel line (purple) off the April high of 1220.  So far today the SP-500 has hit 1094.17.   There could be some more upside left if the MM’s want to pin it near 1100 for OPEX Friday the 16th.  They could take it up towards 1105 to 1110 the next few days if this wave (5)-1 extends.  However, once this wave 1 completes, I’m looking at target in the 1060 to 1070 area for wave 2 or a 38% retrace.  This would set-up an inverse head and shoulders with a target near 1170 for wave 3.

SP-500 60-min Chart (11:00am):

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