SPX AM UPDATE [12:10 PM UPDATE]

 [12:10 PM UPDATE]

 Thank you Anon for pointing the wave 3 issue in comments below. This is a quick draft of the alternative to the count. The degrees were just pushed out.


[10:38 AM UPDATE]

SPX 1 MIN

[9:55 AM UPDATE]

  [9:42 AM UPDATE]

[9:30 AM UPDATE]

H and S to the lower channel for wave (2)?



[8:30 AM UPDATE]

A nested 1-2 for [5]?

SPX - 15 MIN

Here's the current count as I have it at 7:25 AM. Let's see...

EOD [4:20 PM UPDATE : TRIANGLE OPTION]

[4:20 PM UPDATE : TRIANGLE OPTION]

SPX 15 MIN TRIANGLE OPTION

This is for Steve in the comments section. When I posted the update, I didn't have time to comment on the waves.

The way I originally labeled the waves, wave [4] is assumed to have formed a running flat (though I do have some issues with that since subwave b of [4] should have retraced more of subwave a of [4]).

Anyway, the structure still may be forming a wave [4] triangle as highlighted above. This option will be out if the top of wave [3] is breached.

And the other option I'm thinking of now as I type this is that a proper flat develops. The would require a little high push and then drop for (c) below the end of (a). 

I'll try to comment and post more charts later if I have time. I'm just a little busy.

SPX 60 MIN BULL COUNT

SPX 15 MIN COUNT

SPX 60 MIN MAs

SPX 60 MIN BEAR

The counts should be self-explanatory. I'll try to post more a little later. Gotta take a nap!

EOD [10:00 PM Update: Transports Inverted Head and Shoulders?]

[10:00 PM Update: Transports Inverted Head and Shoulders?]

Hmmm...


The market was able to stay above the 200 DMA today even with bearish news throughout the day. The media and "pros" claim that the market is trading strictly on technicals right now so given that, the technicals I follow (13, 21, 34 EMAs, MACD and RSI) show that we trade more towards the bullish side short term (60 min).

SPX 60 MIN BULL COUNT

The count above is still my preferred. I made changes to the labels since the 1042.17 bottom.

Currently I show 5 waves up to form subminuette i of minuette (iii).  It is possible that the fifth wave has a little more to go. I believe a squiggle count would indicate this.

The 60 min MACD provided a sell signal today, which would correspond with a subminuette ii pullback is in store. 

I placed Fibonacci retracement targets for subminuette ii. A 62% retracement towards 1090 corresponds well with the 20 day MA, which is the middle bollinger band.

SPX 15 MIN

SPX  DAILY EMAs

Price closed above the 13, 21 and 34 EMAs today. A cross up of the 13 and 21 appears to be in the works. We'll have to keep an eye on this action. It is starting to look like Feb 2010 again. 

 

SPX 60 MIN EMAs

 

The 60 min chart shows that price is repecting mainly the 13 EMA with one touch of the 21 after the 13/21 cross. At today's close, 1099 represents the 34 EMA.

SPX DAILY AUG 2007 COMPARISON

 Just updating this chart once again. Compare this to the Aug 2007 action. Find the Aug 2007 chart here.

SPX DAILY BOLLINGER BANDS

Following up with the 'W' bottom here. The market stayed above the 200 DMA and the MACD and RSI still have room to run higher. The upper band sits at 1123.

SPX 60 MIN BEAR COUNT 1

Once again the bear counts follow the bull count short term. Both are looking for a pullback. However, if this count is correct, it should be the beginning of minute [iii] down. This should take out the current lows. A failure to do so would require that this bear count be revisited.

SPX 60 MIN BEAR COUNT 2

This second bear count also implies the same thing, a pullback. However, this  count, indicates that minuette (iii) down should be begin.

SPX MINI AND EUR/USD

JUNE CONTRACT

It appears as though the ED/LD on the mini may be complete or the pullback from where I have wave i labeled is only subwave b of [5]. 

EUR/USD