The market opened lower today, falling quickly to 1407. After a slight rebound from that level, the market headed even lower, and reached 1404 before trying to rally. That rally only carried back to 1409, and then the selling resumed. This move took the market to 1400.50, and was followed by another rebound to 1405. One final move lower into the close, took the market back down to 1401.57.
Today’s initial move lower to 1403.90, completed a 5 wave sequence from Wednesday afternoon’s 1416 high. After the rebound to 1409, the market completed another 5 wave sequence to 1401.57.
Today’s waves also seem to complete a 5 wave sequence from the 1426.68 high, while staying above the 1395 minimum target, which means this is most likely still wave 4 from 1267. The market could still move slightly lower, completing another 5 wave sequence while staying above 1395, but I think the market is now poised for wave 5 up over the next several days. This could carry above the 1426.68 uptrend high.
If the SPX breaks below 1395, we could be headed significantly lower. Support is at 1387-1397, 1376, and 1367. Resistance is at 1426.
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