4/19/12 - EOD Update [8:15 PM Update]

[8:15 PM Update]

SPX - 5 Min

I tweeted near the EOD today. This is the internal count for the bearish pink option.


EOD Update

As I mentioned yesterday, I favor the pink count due to the bear flag pattern and potential h/s setup here.

The market revealed a tad more but continues to leave us hanging. It has also presented a new green option, which I have highlighted below on the 15 min chart.

SPX - 15 Min

Pink, Green and Blue. That is the order in which I'm watching these options. The blue count from yesterday was removed and now the only bullish stance left for the bulls is a nested 1-2 i-ii up. I believe that is a very low probability setup but with OPEX, anything is game.

The Pink options has a nested 1-2 i-ii set up in the works. And if a larger five wave move off the 4/17 is in the works, the EOD bounce may be wave 4.

The green option has the market working a complex corrective down for either all of Minor 4 or possibly just minute [w] of minor 4. See this chart for reference to the bigger picture.

Blue is hanging on by a thread.

Daily BB

20 SMA rejection and a close below the 50 day.

SPX - 60 Min 

Channel watch.

HS

Watching the neckline. The bulls managed to put in an hourly hammer candle with confirmation into the close right at the lower end of the channel.