SPX - 60 MIN

SPX - 10 MIN 

Slow day today and the market did not close over the 200 dma. However, the daily MACD I have been watching finally crossed up bullish today. 

How high a mark it will make with that we will have to see. I think that plays well with my minuette (iii) up though. 

Here's one bullish speculation, we rally on the jobs number and an announcement from BP stating the gusher has been capped  that results in a breakout of the inverse head and shoulders. 


Of course the bearish view would be that we make a fakeout break above the 200 DMA from the positive jobs number only to sell off into the news.


I'm betting on the former.



I was going to post more charts but I am currently having problems with charting software. Check back later for more.

6/2/10 - SPX EOD [10:25 PM Update]

[10:25 PM Update]

SPX - 6/2/10 COMPARE TO AUG 2007

SPX - AUG 2007 REVISITED

I continue to post the two charts above and continue to draw comparisons between the two until they can no longer be drawn. Just a reminder for my readers as well.
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SPX - 60 MIN BULL

SPX - 5 MIN

SPX -DAILY BOLLINGER BANDS

SPX - 60 MIN BEAR COUNT

Nice whipsaws ain't it? My counts (bear and bull) remain the same and as I posted last week, I think the bulls continue to find a way to keep their case alive.

As I mentioned earlier today as well as the past couple days, I"m watching the daily MACD. That bull cross is coming and today just made it that much closer. The RSI still has plenty of room to run higher and count-wise, 1120 still looks like a decent target whether via bear or bull. 

Again, I will continue to remind you of the  Aug-Oct of 2007 pattern, which I believe may still be playing out here. Please refer to the thread here to get up to speed if you are not familiar with what I am talking about.

Though the market is still under it's 200 day MA, the 200 DMA is still rising and the market is catching back up. Since the 1219 top, we still have yet to see 5 minor (and minute depending how it's counted) waves down. The best bear case scenario at the moment is a nested 1-2 pattern. The second 1173.57 is breached to the top, that count will be voided. 

GL!

6/2/10 - SPX 5 MIN Update [12:17 PM UPDATE]

[12:17 PM UPDATE]

That's a nice looking little impulse. The hourly MACD is just about to cross bullish.

[10:35 AM UPDATE]

I mentioned this previously but the chart above is the reason why I believe we may still see some more upside to come. Gotta keep an eye on this.

SPX - 5 MIN

This is my current count at 10:20 AM PST.

6/1/10 - SPX Update

SPX - 15 MIN

This is a tough week for me to stay on top of things. This is the best count I am recognizing at the moment. There are several other valid bear counts out there so I won't go posting them here.

The reason why I post a bullish count here is because I am still watching the daily MACD. It is setting up for a potential bullish cross, granted yesterday's selloff into the close may have delayed that a tad. 

Hopefully I can get a more detailed count (bear and bull) out later today but no guarantees.

GL!