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June 7th, 2011: Afternoon/EOD

Posted by pugsma on June 7, 2011

3:35 pm EST:  Here is the updated 15-min chart.    Notice the 1279/1282 and 1273/277 gaps just below.

Support is at 1291 and then the 1279/1282 gap and 1273/1277 gap, then the 1257 pivot.  Resistance is at the 1303 and 1315 pivots.

They’ll likely close it near the 1291 pivot support to keep everyone on edge into tomorrow.  That’s it for today.   Everyone have a good night.

SP-500 15-min chart (3:31 pm):

3:10 pm EST:    Here is the updated 5-min chart.  An intra-day move above 1297.90 would likely trigger a move to 1311 for the alternate count (blue) and damage the continue bearish primary count (white) for a move lower to the [C]=[A] target of 1249.  If the 1297.90 level holds intra-day, then the next stop for wave (5) of minor 3 of [C]-P4 should be the 1276 area.

SP-500 5-min chart (3:04 pm):

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