Tuesday, July 20, 2010

S&P 500 ~ Intraday Update 20 July 2010


When the ES was down at 1050 I didn't think that we would get back up to 1080ish.

Well but that's what we got. The SPX hit 1078 and has now retraced 50 % of the previous down move - very common for a second wave (if it is one! <<>

I've just found another fractal which supports the bearish count:

The rally today reminded me a bit of the mid May action, so I compared today's action with it and in my opinion it looks pretty similar.