In Friday’s post I indicated my opinion was that
the 1644.40 late afternoon high would be the extent of the move from 1598.23. The
SPX did go on to make a slightly higher high at Monday’s open, rising to
1648.69 at the open, but it has been downhill ever since.
The SPX gapped down this morning, dropping to
1622.92, before starting to rally. That rally to reach yesterday’s close, stopping
at 1640.13. From there the SPX stair stepped lower, until it reached 1636.
After a small rebound, the selling accelerated, dropping the index back to
1626.99. After a seven point rally, the SPX fell again, this time falling to
1625.68 just before the close.
The wave action from the 1648.69 high has been
fairly complex, but does not look like it has completed a 5 Wave sequence from
that high. First support appears to be at 1617, followed by 1602. This entire
sequence from 1648.69 should complete near 1561.
Thank you.
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