Wednesday, June 23, 2010

SPX EOD

Things are looking a little bearish right now on the daily charts but the 60 min charts sport a short term bullish setup. Either way, both the bull and bear counts I have presented for some time now still apply.





SPX - 60 MIN BULL COUNT

The bull count as presented to the left here has us either in subminuette ii down or possibly [4]. The minute 1042.17 is breached below, you can throw this count out da window. Until then, it is worth watching.




SPX - DAILY BOLLINGER

The daily Bollinger Bands. The market respected the mid band today and almost formed a hammer (or is it a hammer?). We may bounce from here and possibly test the 50 DMA again, which coincides with the upper band.

SPX - 60 MIN BEAR COUNT

So far the structure has channeled well. The count to the left shows that minute [ii] up completed and we are now in a new minuette (i) down of minute [i i i]. Notice how subminuette iv of minuette (i) backtested and was rejected by the minute [ii] mid channel line?



SPX - 60 MIN BEAR COUNT#2

A nested 1-2 with minuette (ii) complete and the beginning of (iii) down is underway. Let's see which bear count prevails.




 
 SPX - DAILY EMAs AND SMAs

The EMAs, SMAs and MACD are supporting a more bearish tone. The market has twice backtested the 50 DMA now and has failed.

The market closed below all the moving averages and the MACD histograms are sporting a negative trend. Most likely more downside to come? 

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