5:07pm EST: The SP-500 closed above the 13-day EMA of 1100 for the first time since early May. And the high of the day tested the 200-day SMA at 1106. There was also a bull cross on the MACD today (see the daily candle chart). The bias is upwards. The SP-500 is poised for a “gap and go” above the 1105 to 1115 resitance band and blow-out May jobs number may do the trick. I have the primary count as wave iii-(3)-1-[1]-P3. Wave (3) target is 1130 and a final target for this wave 1-[1]-P3 at 1150. The 1st alternate count is wave iii-(3)-A-[B]-P2. This A-[B]-P2 wave has the same 1150 target. Rallying above 1115 is the key for a intermediate term bullish bias, just as it was during the Feb 5th rally. With the failure of the triangle, I have removed the 2nd alternate count. On any down-side action tomorrow the key level to watch is 1088.
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SP-500 Daily Candles (EOD):
10:30am EST: ES Futures were in a very tight range overnight. For the primary count, wave iii-(3), I'm watching the resistance in the 1105 to 1115 band on the upside and the wave i-(3) high of 1088 on the down side. A cross under 1088 would be a wave iv into wave i over-lap. The SP-500 and touched the 1105 resistance and since backed off to 1099.
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