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July 15th, 2010: Update 5 – EOD

Posted by pugsma on July 15, 2010

6:15 pm EST:  Nice looking consolidation above all 3 moving avearges on the dialy candle chart.  13-day EMA above 34-day EMA bull cross will occur in a just 8 more points (2 to 3 trading days) if SP-500 can continue to consolidate it’s gains above 1080.

SP-500 Daily Candle (EOD):

4:40 pm EST:  Nice bounce off the 23% retrace fib of 1080. That could have been the wave 2-[1]-P3 low.  However I’m a little concerned it was too quick and that it looks like a 3-3-5 flat could be playing out.  In which case we’ll retest the 1079 level yet again after OPEX Friday.  I doubt we’ll see the deeper retrace of 38% to 1065, but we need to keep it on the near term radar.  Never-the-less today’s price action further confirms the intermediate term trend is weighted heavy to the upside, so all downward retracements should be expected to be small.

SP-500 15-min chart (EOD):

SP-500 60-min Chart (EOD):

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