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June 15th, 2011: Update 2 – EOD

Posted by pugsma on June 15, 2011

June 16th, 7:20:  The $CPCE (CBOE Equity Put/Call Ratio) is way too high at 1.11 and could be an early warning sign like it was in Sept 2008.   If history repeats, then a snap back rally to the 50-day SMA (currently at 1324) should occur very soon.  Then from there, the markets could see more trouble ahead if the CBOE Equity Puts Buyers are correct.

SP-500 vs $CPCE Daily Chart (EOD):

11:15 pm EST:  Dr Copper continues to chop sideways to slightly higher after bottoming on May 23rd, 2011.  This the same type of behavior in Dr Copper we saw just before the March 2009 and July 2010 lows in the SP-500.   Will Dr Copper call the bottom again a third time here in June of 2011?

SP-500 vs Copper Weekly Chart (EOD):

7:40 pm EST:   As I mentioned in my comment earlier today, I’m extremely busy at work this week.  I have new product launch design review first thing tomorrow morning and won’t be at my computer until later in the day.  On top over everything else, I’m having uploading charts to WordPress tonight.  So this 5-min chart will have suffice for now. I will try to add the rest of the charts later tonight.

The primary count (white) is that the Primary Wave 4 (P4) expanded flat off the Feb 18th, 2011 high is about find it’s bottom in the next day or two.  I think the final wave (5) of minor 5-[C]-P4 is about to end near the H&S target of 1254.   It should fill the final 1256/1262 gap left open from the March 2011 low of 1249.

The alternate count (blue) is that there will be a small bounce tomorrow in wave (2) of minor 5-[C]-P4 and then more selling for the rest of June down to the 1233 target, where minor 5=1.

Support is at the 1257 pivot, the 1256/1262 gap and then the 1245 pivot.  Resistance is at 1280, then the 1291 pivot.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

SP-500 Daily Chart (EOD):

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