S&P 500 ~ Pre-Market Update ~ 7 June 2011

The SPX breached the 1296ish support area after the open yesterday and then sold off to 1285.

Next support areas are 1280-85 (open gap and a=c (1370-10 & 1345-1285)), 1273 (gap) and then 1260ish.
Resistances are at 1296ish and then 1313ish.

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

The SPX gapped down today into the strong support area around 1297 and has been rallying since then.

If we get above yesterday's low a rally into the mid 1310's is likely (previous support/gap area/yesterday's high)

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

The channel actually works still very well (except for the failed break out of course.. : )). The market hit the lower channel line this morning and has rallied since then:

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:

ES ~ Intraday Update 1 ~ 1 June 2011

The market is selling off today and is now near the broken downtrend line. As said yesterday SPX 1330 +/- a few handles should hold if we are indeed in a new uptrend.