Tuesday, July 3, 2012
Elliott Wave Update ~ 3 July 2012
The SPX closed solidly above resistance. The next - and last resistance prior to the previous 1422 SPX high - is probably in the 1389-1392 range.
S&P 500 Analysis after closing bell
- Price moving away from 100 Day SMA.
- Next possible resistance is the resistance line shown in last chart and the 78.6% Fib level shown in 2nd chart.
- For bears, price closing above the 78.6% will be bad news as it gives chance for a bigger rally and a possible breakout above weekly high's. Getting resisted at these levels should result in a swing down, For a larger correction the channel of four hour chart has to breakdown.
- DESCENDING BROADENING WEDGE OF QQQ
S&P 500 ~ Intraday Update ~ 3 July 2012
No double top at 1366 - the rally continues today. A few minutes ago,
the SPX hit the next resistance at 1375. The markets will close in about
an hour so this is most likely as high as we go today.
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