S&P 500 ~ EOD Update ~ 13 June 2012

Wednesday, June 13, 2012

S&P 500 ~ EOD Update ~ 13 June 2012

The SPX hit the resistance at 1326ish multiple times today but never breached it:

Since neither 1307 nor 1326 has been breached, both counts are still possible: http://www.wavaholic.com/2012/06/s-500-elliott-wave-count-12-june-2012.html

S&P 500 ~ Intraday Update ~ 13 June 2012

The SPX hit the resistance at 1326ish twice today but has failed to break through so far:

Thus, both counts are still possible: http://www.wavaholic.com/2012/06/s-500-elliott-wave-count-12-june-2012.html

Wednesday, June 13, 2012

Elliott Wave Update ~ 13 June 2012

Outlook hasn't changed. Minor 2 is probably the best count. But be on your toes, Minor 3 down is right around the corner.

Sentiment is somewhat neutral on a long and short scale.  So there is no edge either way.

 

Wednesday, June 13, 2012

More of the same

The last few days have been somewhat on the "boring" side as the market is stuck in a range. At the same time, this could well be marking a complex bottom with the right shoulder of the IHS being formed. And from that perspective it makes sense if the market takes its time forming the right shoulder that resembles its left side, symmetrically speaking it would look very good. With that said, a bearish Head and Shoulders was formed today that targets the 1275-1280 area. So we'll see if the market can break that 1292-1298 area first, whatever the case this looks and feels more like an intermediate B wave or a W2 so far.