The market opened higher today, quickly moving to 1334. As I mentioned yesterday, I was expecting a 3-4-5 formation this morning to complete the inverted corrective wave from 1346.45. The move to 1334 played out just as expected. Again, from there I was expecting another 3-4-5 wave sequence down, to complete the 5 wave sequence from 1363. This, too, played out as expected, with the market moving down to 1327. From there it was mostly up through the day, with the SPX first trading in a narrow range between 1329, and 1331, and then moving higher towards the close. After reaching the high of the day near 1338, the market faded into the close.
As I see it, the SPX completed 3 waves today from the 1327 low. Wave 1 completed at 1331.72, and wave 3 at 1337.82. It looks as if wave 5 of this sequence will take the market back near the 1358 resistance level. Support remains at 1326-1323, and then 1315-1313.
I will give a more complete update over the weekend.
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