Apr 29th, 2010: Follow-Thru to the Upside?

4:20pm EST:  SP-500 produced the follow-thru to the upside as predicted and closed above key support of 1200.   Primary count is wave iii-(1)-5-[5]-P1 completed today around 1209, working on wave-iv and there is a little more room left for wave-v of (1) to hit 1215 area.  I'm looking for a wave (2) pull-back to the 1200 area after wave (1) completes.  The alternate (purple) has been changed to a wave 3-[5] peak at 1219.80 and a larger wave 4-[5] flat to 1170 with the B-leg up just completing today near 1210.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

8:00am EST:  ES Futures are up to the 1196/97 (1200 cash equiv), this morning.  As I said in the EOD of update yesterday, "A pop up in the morning over 1196/1198 and a close over the 13-day EMA (1198) would put the bulls back in control and confirm the primary count that the flat for wave [4]-5 had finished and the SP-500 is headed to new highs in 5-[5]-P1."  We have the pop up, let's see if it holds and closes above 1998/1200 for confirmation.  Also, for the primary count we are in wave iii-(1)-5-[5]-P1; target is the 1210/15 area before a wave (2) pull-back to 1200.

SP-500 ES Futures (8:09am):

Also, take a look at the positive divergence that developed on the NYSE McCellan Oscillator between the Apr 19th vs Apr 27th price lows.  I used this type of McCellan Oscillator positive to divergence to help predict the Feb 5th bottom and forecast the agressive bull run the sP-500 is in now (see my Feb 5th McCellan chart below).

NYSE McCellan Osc (EOD 4-28-10):

NYSE McCellan Osc (EOD 2-5-10):