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July 22nd, 2010: Update 2 – Morning

Posted by pugsma on July 22, 2010

10:15 am EST:  We have  a potential break-out above ES 1083 (cash 1087) of the Diamond Bottom Reversal Pattern.  The SP-500 has cleared the 50-day SMA and the upper down channel line off the 1220 April high.  The SP-500 has hit 1094.59, and if it can consolidate today’s gains above 1087, then the bulls have likely forced an itnermediate term trend change.  Note the bullish 1-2, (1)-(2)  wave count on the 60-min chart below.  A wave (3)-3 upward follows and that could be what today’s price action is signaling, as long as the bulls can maintain this rally for more than a few hours.

SP-500 60-min Chart (9:05 am):

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