SPDR S&P 500 (SPY)

[Two-timer]

Gleno, my guru (McHugh) had this to say. Two

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The Dow Industrials rose 19.43 points, closing at 8,740.87 Tuesday. On Monday, we got the upside breakout from the parallel trend-channel from May 8th, and the symmetrical triangle patterns from that date, meaning wave C-up has started. Upside targets for the remainder of wave (B) are 1,050ish in the S&P 500 and 9,700ish in the Industrials, based upon the Bullish Head & Shoulders patterns shown on page 11. Once these upside levels are reached, we would move to a heavy cash position, in preparation for catastrophic wave (C ) down. All of our short-term indicators are on buy signals. We show those at www.technicalindicatorindex.com

It looks like Tuesday was a wave 4 corrective move, which may not quite be complete, to be followed by wave 5 up to finish off the first impulsive five-wave move, wave (1) up for C-up. We show that wave count in the charts on page 10. C-up should consist of five waves. The first is completing now. Prices have stalled at the 50 day moving average. Once they break decisively above that resistance point, there should be clear sailing for the wave (3) up impulse wave to take prices higher. We would not be surprised if wave C-up of (B) up completed at our July phi mate turn date.

There was a small change in the McClellan Oscillator Tuesday, suggesting a large price move is coming either Wednesday or Thursday. The 15 and 60 minute Full Stochastics are suggesting prices could fall, then rise Wednesday. The 30 minute FS is indecisive.