Market Update - 7/13/2010

It's been a few days since I have posted. The previous key pivot was at 1085, and we have ovbiously broken that. However, we have held resistance at 1100.

If we break above the 1100-1103 area, there is a good chance that this is not Minute wave [ii], but rather Minor wave 2. The current count has it that Minor wave 2 already ended, however the current up move pattern is not supporting that.

Breaking higher out of this area could change the wave counts. Either this is the end of minute wave [ii], or it's not minute wave [ii].

And as we know, 1100 is a key pivot, even on the daily charts. We have always had trouble when we approach this area.

Breaking to the upside could potentially be bullish.

Key pivots for tomorrow are 1103 to the upside, and 1085 to the downside. But it looks like the futures are opening much higher because of the Intel earnings. It could be a repeat of what happened last year around this time.