After opening slightly higher this morning, the market quickly moved lower, making a slightly lower low than yesterday at 1456.13. After rallying back to 1461, the market fell back to 1457, and then traded in a narrow trading range for the remainder of the session.
I mentioned yesterday the possibility of the market making slightly lower lows today, and that is what happened at the start of today’s session. With the move to 1456.13, the market completed yet another 5 wave sequence from the 1474.51 high.
The market would appear to be reaching a point of decision. I still expect the market to move higher, with a target of 1497. If the market fails to hold near this 1456 level, it could mean a move back to minimally 1448-1444, and possibly back to the 1426 support level.
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