The market opened flat today, meandered lower, and
then rallied to 1586. When that rally fizzled, the SPX continued the move lower
from the 1592 high. The SPX completed a 5 Wave sequence from that high at
1579.62, and then continued lower, completing a larger degree sequence from
that high at 1577.56. At that point the market staged a pretty good rally,
rising to 1585.68, where it completed a sequence from the short term low, and
then moved lower into the close.
The 1592.64 high marked the termination point of a
5 Wave sequence off the 1536.03 low. From that point, the SPX has now completed
a sequence to the downside, followed by a sequence higher. It is still unclear
as to whether this is the start of the next move lower, which take out the 1536
low, or a corrective wave indicating another move above 1597. Short term, I
think the next move is lower, with a target of 1566. I will provide a more detailed
update over the weekend.
Thank you.
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