Friday, June 29, 2012

S&P 500 ~ Intraday Update 2 ~ 29 June 2012

The SPX is now just underneath the resistance area (1357-66).

Whether or not this is a second wave, going short in this area might not be the worst idea. I expect at least a small pullback here.

Maybe you remember that in early May, 1385 was an important level. I think 1335 is now the new 1385. If we get a pullback below this level, then wave [iii] should be underway.