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July 20th, 2010: Update 6 – EOD

Posted by pugsma on July 20, 2010

5:30 pm EST:  Love that bullish daily candle printed today.  🙂   Closed above the 20-day SMA (1068) , 13-day  EMA (1075), and 34-day EMA (1082).  Next up the 50-day SMA at 1088, then 200-day SMA at 1112.

SP-500 Daily Candles (EOD):

 

4:40 pm EST:  Today’s bullish reversal was not a surprise to me or any of the paying subscribers, as I’m been discussing the non-confirmation in the VIX  in relationship to the SP-500 OPEX Friday drop.  And today around mid-day, I showed the paying subs a bull flag reversal pattern that developed on the ES Futures chart and down channel line break.  The bull flag target projection was ES 1095 (1099 cash).  At the time of my call, the cash market was trading at 1065 and it hit a high of 1084 for a 19 point gain or 1.8% profit.  Moments later, I showed paying subs how Dr Copper had broken out and made a new high back near Thursday’s high before the OPEX drop.  Another leading indicator of the reserval and a predictor that the SP-500 would reach back towards 1100.  Finally, I showed the bearish gulfing candle on the VIX and the fact that the VIX has been falling since noon last Friday.  Another indication that he big-time option traders (smart money) were positioning themselves for this upside move in SPY.

If you are interested in subscribing for the balance of July, it’s just $10 to try out the Premium Service.  E-mail me at pu_gridiron@yahoo.com.   It’s just $25 per month after July, if you sign up for the $75 quarterly rate.

The count is that wave 2-[1]-P3 ended at 1057 today and taht wave (1)-3-[1]-P3 is underway.   Right now, it looks like the SP-500 in the middle of wave iii-(1), with v-(1) expected to target the 1100 to 1105 area.  The 1100 to 1105 area is the neckline for a large inverse head and shoulders pattern that targets the 1200 area for the end of wave [1]-P3.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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