Wednesday, October 7, 2009

SPX- 10/7 : Bullish Count

Here's a bullish count for SPX.

I have minute [v] ending somwhere between 1062 and 1080. 1062 if minuette (v) equals minuette (i) and 1080 if minute [v] equals minute [i].

Ultimately, all eyes are on 1080 and 1019. A break above 1080 and P2 is still alive. A break below 1019 and a case for P3 becomes stronger.

The 1-2 1-2 count is technically still alive. The rate at which futures are trading though will make it very short lived. However, one never knows what will happen with the initial and continuing jobs claims tomorrow pre-market (though I'm not too sure how much this will drive the market).


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