The more things change, the more they remain the
same. After starting the trading session to the downside as anticipated, the
market quickly turned around. By the end of the session, the market had pushed
slightly into positive territory, and finished within a point of yesterday’s close.
The market opened to the downside, falling below 1552
to 1551.90, which proved to be the low of the day. The next several hours saw
the market gain back nearly ten points, rising to 1561.19. After a pullback to
just below 1558, the market rallied the rest of the day; edging out yesterday’s
high before pulling back into the close.
The market completed a 5 Wave sequence from the
low of the day to the high, indicating the market may move lower at the outset
tomorrow morning. However, the market is just as likely to rise off that low as
it did today.
While my bias is still for this market to move
lower, I am still looking at a break above 1565.50 as an indication that the
market will move higher. A drop below 1545.90 will confirm a breakout to the
downside.
Thank you for your interest and support.
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