The SPX gapped down this morning to 1986.70. After
bouncing to 1995.41 the index continued the decline, falling to 1983.80 before
bouncing again. His time the SPX rose to 1988.59 before falling to the low of
the day at 1982.86.
The SPX may have found at least a short term
bottom at today’s low. From the 2019.26 high the index completed Wave A at
2006.59. Wave B then completed at 2014.08 and Wave C at 2001.75. Wave D was an
inverted corrective wave, completing at 1995.99. Today’s action can be seen as
Wave E which completed at 1982.86.
I am still looking at 2019.26 as the top from the
1074.77 low. If the SPX is to make a new high, it may do so from here.
Resistance is at 1988, 1992, and then 2013. A move below today’s low would
signal continued downside action.
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