Sons and Daughters of BBCMF , Dow 30 With Point and Figure Charts , Dow Discussion...

[mick]

Market View: S&P 500 Intraday Pattern (TECHX) 1526.16 +7.41 : Firmer start for the stock market amid early earnings (ORCL, NKE) and the still favorable Fed related momentum (If interested in short term technical patterns read on otherwise stop here). The S&P 500 jumped higher off the open but stalled at resistance noted at 09:37 (1529) and pulled back to support mentioned at 09:52 (1525) and bounced back near but stalled shy of the opening peak. Mentioned yesterday that the index could be considered in a wave 4 off the 1439 low (click for 60 min chart) with the possible end at 1516. The 5 min chart highlights the action off this floor with 1529 this morning possibly a smaller wave three with wave 4 in progress. As long as 1522 (1521.77) is not taken out the favorable pattern is intact.