Tuesday, June 15, 2010

SPX EOD

SPX 60 MIN BULL COUNT PREFERRED



SPX 60 MIN BEAR COUNT



SPX 60 MIN BEAR COUNT

SPX 'W' BOTTOM CONFIRMED

What a rally today but volume was anemic. Several MAs and EMAs were recaptured.

The bull and bear counts are up for your perusal. The top chart is still my preferred.

All counts still point to a near term top for the current structure off the 1042.17 low. When the pullback comes, the extent of the pullback will determine which count remains. Obviously if 1042.17 is taken out the bears will regain their footing.

What are some near term targets higher? How about the upper band at 1123 and perhaps the 50 DMA at 1143.

As mentioned above, a bust of the 1042.17 low and the bear count/case picks up steam again. However, a pullback short of the low and it may setup a nice long trade opportunity with a clearly defined stop.

I posted on the 'W' bottom potential on Friday 6/11. See here for that post. Today we got confirmation with the break over the 200 DMA and resistance.
Based on Merrill's work, this possibly signals a new uptrend is in store. Read here for more on the pattern.

REMEMBER THIS CHART?

COMPARED TO THIS CHART

Will the 50 DMA provide resistance at 1143 or are we in the midst of a repeat of Aug 2007. Refer to this thread for an explanation of this chart if you have not seen it before.

RUT

And here is one for the RUT. Will be interesting if it plays out.

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