After moving above, and then below yesterday’s
close at the open, the SPX found some legs, and moved to 1645.59, before
pulling back. The pullback ended at 1642 however, and the index moved higher
again to 1646.53. The bears took over from there, as the SPX quickly moved
lower to 1638 before rebounding. Another leg down to 1634 followed, before
another small rebound. At that point the bears really took over, driving the
index down to 1623.62. The SPX then staged a meaningful rally, rising to
1636.80 before falling back to 1631.31 at the close.
Looking back to my weekend post, I was looking for
a move below 1619 to indicate the completion of the wave from 1687.18. Although
the SPX came close, it did not complete that wave as of yet. I would expect the
move off the 1622.72 low to continue, most likely into the 1646 to 1652 range.
At that point the move lower from 1687.18 should continue, with a target of
1616.
Thank you.
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