Tuesday, June 11, 2013

Tuesday's Market 06/11/2013

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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