Tuesday, May 4, 2010

S&P 500 ~ Intraday Update 4 May 2010

After the SPX breached 1186 it immediately sold off to last Tuesday's low. At the moment this level provides support and the SPX bounced a little bit.

The wave which began yesterday at 1205 doesn't look finished yet, so we should see at least another new low later today.

A possible bullish count I recieved a few minutes ago:

There are more bearish counts of course. Downside targets (ES) 1170 and 1150

Edit 10:48 AM EDT: new low for the SPX just a few minutes ago. If the count above is correct, red a would equal red c at the moment.

Not going long here though only covering a few shorts...