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June 24th, 2011: Update 2 – EOD

Posted by pugsma on June 24, 2011

Sat 6-25-11, 1:50 pm:  Here is particularly encouraging chart for the bulls.  This comes from Mike Burk’s weekly report.   This chart shows the SP-500 price vs the NY HL (High/Low) Ratio.  The NY HL Ratio compares stocks making new 52-week highs to new 52-week lows.  The NY Ratio bottomed at about 0.25 with the June 16th, with the price low of 1258.07 and has since moved up strongly to above the 0.5 neutral zone.  And notice on Thursday and Friday even with the SP-500 selling off, it moved up agressively higher.  This is a good sign the strong stocks have bottom and stopped making new 52-week lows.  And could be a leading indicator that the SP-500 has bottomed or is very close to the bottom.

SP-500 vs NY HL Ratio (6-24-11):

4:55 pm EST:  The SP-500 closed dangerously close to the 200-day SMA of 1264, at 1268.  The 200-day SMA that has been action as support during the cash market hours can now be easily breached in ES Futures trading Sunday Evening and Monday Morning.  The SP-500 is sitting on a Knives Edge at the close today and could break either way on Monday.

The primary count (white) is that wave (2) of minor 3-[1]-P5 was put in late today at 1267.24 at  deep 78% retrace of wave (1).  The wave (3) target for early next week is 1302, where (3)=1.62*(1).  The 1262.87 low for minor 2-[1]-P5 can’t not be breached to keep the primary count valid.

The alternate count (blue) is that wave (3) of minor 5-[C]-P4 is unfolding.  The SP-500 is set to fall to 1252 on Monday in a wave iii-(3), where iii=1.62*i.  Ultimately this count targets the 1239 area for the completion of minor 5-[C]-P4, where minor 5=minor 1.  There is also a head and shoulder with head at 1298 and neck-line at 1263 that if broken targets 1228.

Support is at the 1257 and 1245 pivots, then the 1229 pivot.  Resistance is at the 1291 and 1303 pivots.

Don’t forget to make payment for Q3 or Q3-4 this weekend if you are staying on a subscriber.  The Google eStore link is here:   http://pugridironsma.blogspot.com/.  I won’t have much time next week during the work week to deal with last minute subscribers.  I have time this weekend.   So if you wait to sign-up on June 29th or 30th, you will likely have to wait for Tuesday, July 5th to receive you July PW.  Thanks. 

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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