Wednesday, June 2, 2010
Pre-Market Update 2 June 2010
Not much action overnight. The ES was trading in a 10 handle range between 1067 and 1077 and is now right in the middle of this range a few handles above yesterday's close.
Pending Home Sales will be released at 10 am, let's see if we get some action from these numbers.
Tuesday, June 1, 2010
S&P 500 ~ Elliott Wave Count 1 June 2010
Well, we're there where we were 12 hours ago.. at ES 1070. In between we got a huge rally of 25 handles in the morning and then a sell off in the afternoon to close at the low of the day.
btw: today looks similar to 5/24 and 5/26, doesn't it? The day after we got a big gap down in the first and a big gap up in the second case.
What we're gonna get tomorrow?
The SPX hasn't breached 1066 yet, so the bullish count is in theory still possible.
But the action today doesn't look healthy imo. Every attempt to rally gets sold off within a few hours. Thus, I prefer the bearish count:
btw: today looks similar to 5/24 and 5/26, doesn't it? The day after we got a big gap down in the first and a big gap up in the second case.
What we're gonna get tomorrow?
Pre-Market Update June 1 2010
The ES is down more than 10 handles and the Elliott Wave count I posted over the weekend for the SPX is likely the correct one:
We shouldn't see 1100 again.
We shouldn't see 1100 again.
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