After a slightly lower opening, the market moved up to 1385, and then fell back to 1378. Another rally took the market to 1384, before a sharp afternoon drop took the market down to 13763. After that the market tried to recover, but only made it back to 1381 before falling back to 1375 near the close.
Yesterday I mentioned 1384 and 1376 as important levels. Except for brief moves above, and below, the market spent the majority of the day trading within those two levels.
The market appears to have completed waves 1, and 2 from 1391.74 this morning. From there, things are a bit more complicated, but it looks like it completed two waves of a second sequence, with wave 2 being a complex inverted corrective wave. I had also mentioned yesterday that a move below yesterday afternoon’s low would probably mean a continuation of the correction from 1392. Today’s move appears to be that continuation.
Support remains at 1367, and 1352. Resistance is 1382 and 1385, and 1393.
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