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June 2nd, 2011: Update 2 – EOD

Posted by pugsma on June 2, 2011

3:35 pm EST:   For the primary count (white), it looks like minor 1 of [C]-P4 completed today at 1305.61.   In which case the move up to 1317.26 was wave (a) of minor 2 and the drop to 1311 into the close was wave (b) of minor 2.  I’m expecting (c) of minor to reach the (c)=(a) target of 1328 or just about a 50% retrace of minor 1.   From there, minor 3 should drop quickly to the 1257 to 1262 area.   However, we also need to leave open the potential that 1305.61 was only wave (3) of minor 1 and the rise to 1317.26 was (4) to be followed by a wave (5) drop to 1300 to complete minor 1 early tomorrow morning.  Both of these primary count options are listed in white on the 5-min chart.  The final target for major [C]-P4 is the 1249 area or near the rising 200-day SMA (currently at 1247).  This should transpire over the course of the next two to three weeks.

For the alternate count (blue) we have a similar situation were either minor Y of [C]-P3 completed at 1305.61 or it needs one more drop to test the lower trend line at around 1300 early tomorrow.  If it’s completed at 1305.61, then the move up towards 1329 for (3) of minor 1 of major [5]-P3 is underway.  And  I’m expecting minor 1 to reach the 1339/1340 area.  Ultimate major [5]-P3 should make a nominal new high above 1371 in the next 4 to 6 weeks.

Support is at the 1303 pivot and then the 1291 pivot.  Resistance is at the 1315 pivot and then the 1329 area.


SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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