Wednesday, July 7, 2010

Intraday Update (7/7/10)

[228PM]SPX/mini and Euro count update -
The size of the rebound in stocks makes it less likely to be (iv)-up of [i] of 3-down.

Odds favor the rebound being a (final) part of [ii]-up of 3-down or B-up of ABC-X-ABC. This interpretation goes well with the current count in Euro. Note the negative divergences in both stocks and the euro.

More bullish counts in stocks exist but there are key resistances to overcome first.

[11AM] SPX/mini count update -

[926AM] SPX/mini overnight update - Various counts highlighted in EOD and weekend updates remain on track.

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