The seemingly endless uptrend from 1581.28
continued today, with the SPX recording yet another record high.
After starting the day to the downside, and
working down to 1622.70, the SPX then continued higher, reaching another all-time
high at 1631.19. After a pullback to 1626.46, the SPX made one more new high
towards the close at 1632.78.
Since the SPX hit 1618.46 last Friday, it has
moved ever higher, with only minor pullbacks of 4 to 6 points. Support is at
1623, and 1607. The 1623 support level is interesting in that a move to that
level could complete an inverted corrective wave from 1618.46. If that support
holds, we could see the market move still higher before the sequence from 1581
finally completes. A level around 1645 would be a target if this were to
materialize. I still see this as Wave 3 from 1074.77. When this wave does complete, we
should see a minor correction, followed by another move higher before a larger
correction.
Thank you.
No comments:
Post a Comment