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June 17, 2011: Update 2 – EOD

Posted by pugsma on June 17, 2011

5:10 pm EST:   The primary count (white) is set-up for a wave iii-(3) of minor 1-[1]-P5 move up to  1303 target next week.  The alternate count is set-up for a iii-(3) of minor 5-[C]-P4 move down to 1237. 

So which way will the market move on Monday?  From the alternate count perspective the SP-500 is still within the falling wedge trend-lines and it has not cleared and closed above the important 13-day EMA of 1285 or the 1291 pivot.  However, I have to go with the primary count because of the bullish reasons listed yesterday (i.e. McClellan Osc ($NYMO) Positive Divergence below -50 and the 60-min chart MACD bull cross and positive divergence).  And today we received two additional Intermediate Term (IT) bullish indicators: 1) the 4-hr MACD received a confirmed bull cross at extremely oversold levels and 2) The VIX closed back inside it’s upper Bollinger Band on a daily  basis, which is a reliable VIX sell, SPX buy signal (see theVIX vs SPX chart posted this afternoon).

Support is at the 1257 and 1245 pivots.  Resistance is at 1280, then the 1291 and 1303 pivots.

FYI:  We are getting down to the final two weeks of the Q2 (Apr-June) subscription.  If are planning to stay on for Q3 (July-Sept) or Q3-Q4 (July-Dec), then please take a moment to make a payment via this link: http://pugridironsma.blogspot.com/.    Also, you don’t need re-send a signed TOS Agreement if you have one on file with me.  Howver, if you have not sent in a signed copy of the TOS Agreement please go to this link:  http://pugsma.com/terms-of-service/ and download the PDF file, print, sign, scan and e-mail it back to me at pu_gridiron@yahoo.com.  Simply make the payment and I will mark you down as paid in my spreadsheet and you will receive the July PW and uninterrupted service for Q3 or Q3-Q4.

Have a great weekend !!!

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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