Thursday, June 2, 2011

S&P 500 ~ Intraday Update 1 ~ 2 June 2011

Yesterday shortly after the open the market sold off to the important 1330ish level which had to hold if the bullish count was underway.

By noon this level was breached though and the market lost another 15 handles until the close to finish the day more than 2 % lower. So unfortuanely the trade (long @ 1330) didn't work at all but I think the risk-reward was very good.

At the moment I don't have a favourite count because there are just too many alternatives and I don't really like any of them. But may be you have an idea on how to label the waves so just post it in the comment section : )

Until I find a possible count I'll just post the support and resistance levels which have actually worked very well in the past weeks: