The SPX opened lower today, quickly moving down to 1397. After a weak attempt at a rally, the market fell further to 1393.96, right at our 1394 projection from yesterday. From there the market found support, and has been moving up ever since.
We targeted the 1404 level as the point where the SPX would run into resistance, and the market seems to be right on track for that level. A 5 wave sequence from 1393.96 is unfolding, and should top right around that 1404 level.
The critical points for the market would then become 1394, with a break below this level signaling another move lower, with 1385 being the level of support, and the 1404 high, which if surpassed could mean new near term highs.
No comments:
Post a Comment