The market opened sharply lower today, dropping
quickly to 1452.06. After that the market staged a rally that lasted into the
afternoon. After rising to 1456, the market fell back to 1453, and then moved
higher to 1458. Another pullback dropped the market back to 1454, before the
final stage of the rally took the market to 1461. After that the market moved
lower into the close, falling to 1456.51.
The opening drop today stopped at the lower end of
the 1455-1452 support level I mentioned over the weekend. It looks like I had
the count from 1466.76 slightly wrong, with this morning’s drop likely the
completion of a 5 wave sequence from that high. The rally off the 1452 low
formed a 5 wave sequence that ended at 1460.72, which was then followed by a 5
wave corrective sequence down to 1456.51.
My current count still has 1438.74 the completion
of a 5 wave sequence from the 1267 low, with wave 2 of that sequence likely
terminating at 1449.98. I continue to look at 1497 as the next target.
Shorter term, support should remain at 1452. Short
term resistance should be 1462 first, and then 1466-1470.
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