4:25pm EST: Surprising weakness into the close with a fall to 1070. This could still be part of the c-leg wave (2), which has a 62% retrace target of 1065. A level of 1065 would close the 1065 to 1074 gap left open by the Thurs May 27th run from 1065 to 1103. Below 1065, I would tend to lean towards a new low below 1041 being set in the near term, which would mean that the 2nd alternate count (in red) is playing out. On the 60-min chart, you can see that the 1070 close today parked right on the Oct 2009 to May 2010 support line (in yellow). So once the again the SP-500 is back at a tippping point.
15-min Chart (EOD):
60-min Chart (EOD):
9:00am EST: ES Future have traded down to 1069 (1072 cash). This is near the lower end of my channel line and lower target of 1069 (62%) for the wave (2) of the primary count. The 2nd alternate count (in red) has to be taken seriously if the SP-500 breaches the 1068 to 1074 gap area.
SP-500 ES Futures 60-min Chart (8:26am):
Posts
