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July 6th, 2011: Update 2 – EOD

Posted by pugsma on July 6, 2011

4:30 pm EST:  Primary count (white) is that minute (4) of minor 3-[1]-P5 completed today at 1330.92 that minor (5) is underway.  The targets for minute are 1343 and 1350, where (5)=0.62*(1) and (5)=(1).  There is also a small Inverse H&S with head at 1331 and neck line at 1341, that measures to 1351.   From this minor 3 high, we should then see a minor 4 pull-back to 1330 to 1324 for  a 23% retrace of minor 4.  Ultimately, I look for minor 5 of major [1]-P5 to reach the 1364 to 1370 area, where minor 5=1, over the next week or two. 

The new alternate count (blue) is that 1330.92 was the minor 4 low.  And now minor 5 of major [1]-P5 is underway, with a target of about 1355, if minor 5=0.62*minor1.  From this 1355 area  in the next day or two, I’m then looking for a major [2]-P5 pull-back to between 1303 and 1315 pivot over the next week.  This  would correspond to a short top near the Friday July 8th “June Jobs Report” and then a bottom before or just after the July OPEX at the current pain level of SPY 131.0 (SPX cash 1310).

Support is at the 1315 pivot.  Resistance at 1341 and then the 1363 pivot.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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