Friday, June 11, 2010

SPX - EOD

SPX BULL DAILY

Once again both my bull and bear counts are playing out and both can be traded the same way for now. I lean more towards the bullish count again.

In case you have forgotten what my bigger picture is, I have included an update of my daily chart. I'm still looking for a Minor wave C higher, assuming Minor B is already complete. This count has not changed for quite some time.

I'm watching the 21 EMA above. As of today, it sits at 1094.84. It has provided support for sometime during the rise up since March 2009 and has recently acted as resistance twice now since the drop from the 1219 high.


SPX BULL COUNT


SPX BOLLINGER BAND
I posted a bollinger band chart earlier today highlighting a potential 'W' bottom. It looks like we may be getting confirmation soon. The market reveresed a lower open today to break above the mid band. Looking to see if the resistance level can be taken out next week.

I think it is most likely going to do it. Since closing over the mid band, I'm thinking it's going to try and target 1136, the upper band.

SPX TRANS COUNT

The transports broke out of it's pennant today. We'll see shortly if it's a bullish one or just a leading diagonal.  But either way, it's tradeable for a bounce up.

SPX BULL COUNT ALTERNATIVE

I'm not sure if I posted this chart on the blog. I have certainly posted it in the Circle Community Lounge. Some may say this count does not work. I don't know. So far it channels decently and we'll know soon enough if we see an Intermediate wave 5 up. So be careful bears.


SPX BEAR COUNT

Ah, the bear count. The bears are expecting a bounce for a wave 2 up. I'm just afraid that so many are still looking out for a Primary wave 3 down, they may be dissapointed once again.


As I said above,  whether you trade this long or sit it out, both the bear and bull count is looking for more upside. 


SPX BEAR COUNT ALTERNATE

Here's a look at the alternate bear count. This could be a legitimate count and if so, minute [ii] is very close to coming to an end.

I'll put this count aside though if the market rallies beyond the 62% retracement level at 1151. I hope any bear following this count will do the same to because once it hits that level, I'd say the odds are greater we continue to go higher.

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