Thursday, June 24, 2010

SPX EOD

The market continues to sell off and is on shaky ground. The bulls are no where to be found at the moment and the bullish counts are in jeopardy.

It was very interesting to see the disconnect between the EUR/USD and the markets, which have moved together in the past. 

Today's price action is starting to look like a wedge is forming. Refer to the charts below regarding my thoughts on that. 

SPX - 60 MIN BEAR

For this count, the wedge or ending diagonal possibly represents subminuette v of minuette (i). Let's see if the ED plays out. If so, a bounce for minuette (ii) would be expected.



SPX - 60 MIN BULL

The wedge here is an ending diagonal for micro [Y] to complete the pullback for subminuette ii. Once again a break of 1042.17 would rule this count as it is labeled out.
SPX - 60 MIN BULL OPTIONAL

The same situation applies here for this count as it does for the Bull count above.

SPX DAILY MAs

The daily trends are obviously down and bearish.







SPX DAILY BOLLINGER BANDS

Price broke below the middle band and most likely will be heading for the lower band at 1049, which would be a retest of the lows.
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