Replies to post #3052 on Sons and Daughters of BBCMF , Dow 30 With Point an

[mick]

Market View: Index Intraday Pattern (TECHX) 1527.37 +8.62 : The market continues to follow the short term technical levels. Noted resistance for the S&P 500 at 1529 in the 09:37 update (early high 1529.37 near yesterday's high) and intraday support at 1525 in the 09:52 update (hit 1525 at 09:55 and 10:35). Saw a new session high at 12:30 (1530.89) to test second resistance from The Technical Take at 1530/1531. In the 12:08 Nasdaq Comp update suggested watching for signs of a consolidation based on Elliott Wave (similar to S&P pattern -end of fifth wave off yesterday's late low-) shown in the 10:35 update and we have seen the market edge back over the last 90 minutes. Now if the five wave rally off yesterday low is indeed correct then supports at 1525 or the 1522/1521 area (last resort is Thur. low at 1516) should hold-- recent pullback low 1526.07. The bigger picture wave count considers the action off 1538 as corrective (larger wave 4) meaning a new high above 1538.