The market moved higher at the open today,
climbing to 1560.10, which was near the 1561 resistance level I had mentioned,
before falling back. The market quickly fell to 1549.19 before recovering.
Recover it did, as the SPX moved slightly above the 1560.10 high at 1560.18.
After a short pullback, the market continued higher, to 1565.55, before moving
lower into the close.
I continue to see this as Wave D from the 1292.66
high, and still expect to see one more move lower to complete Wave E. This will
complete the 5 Wave sequence, and the market should move higher from that
point.
If the market is to move lower, this would seem to
be the perfect time. The market has completed a 5 Wave sequence from the
1536.03 low, and should now start the final move down for this sequence.
Near term resistance is at 1567, 1572, and 1579.
Support should be at 1551, and 1542. My target for Wave D would be between
1504, and 1459.
Thank you.
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