The SPX moved higher at the open today after
completing the semi-inverted corrective wave at 1842.43 yesterday. That seems
to have been only Wave A of a larger degree semi-inverted corrective wave. That
wave completed today at 1842.43-1849.23-1843.47-1844.7-1840.91. That would
indicate that at least the short term bias is to the upside. This may still be
only part of a corrective wave from the 1840.19 low. If this move carries above
1858.71 the SPX is likely to move higher. A break below 1840.19, would likely
been this correction has further to go, but I would still look for a break of
1835.60 to totally confirm this.
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