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May 10th, 2012: Update 1 – EOD

Posted by pugsma on May 10, 2012

4:30 pm EST:   Nothing has changed with my primary count or alternate (red) count today since the 1352 low from yesterday held.  However, the price action today was over more bearish than bullish and means an alternate (blue) count  with major [4]-P1-C3 making a new low at or slightly below 1343 needs to be considered.  Review the 15-min chart below for the details and price targets for the 3 counts in-play over the next several days.   Also note that it’s entirely possible that the alternate (red) count completed minor 2 today and a minor 3 move towards 1279 is about to get underway.  After today’s price action, it’s a good time to be watching the market from the safety of a cash position until things become more clear for the IT direction.

Support is in the 1340-1360 zone.  Resistance is at the 1363 pivot and then the 1372 and 1386 pivots.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

This entry was posted on May 10, 2012 at 4:30 pm and is filed under SP-500. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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