Wednesday, August 3, 2011

S&P 500 ~ Intraday Update 1 ~ 3 August 2011

The SPX is trying to rally after hitting the March low at 1249 a few minutes ago:

As said earlier if 1249ish holds we could see a bounce. Potential targets are the 23-38 % retracement (quite common for a fourth wave). First resistance should be 1263/65ish (yesterday's bottom before the EOD sell-off and daily pivot).

Edit 10:20 AM: Looks like the 8 handle bounce was all we get. Still a nice bounce but I was hoping for a few handles more... : ). fyi: the March low in the ES is 1237.50.

Edit 10:40 AM: WOW! Down 80 handles within 2 days! The March lows are breached ( SPX 1249 and ES 1237).