The SPX opened lower again this morning. After
falling to 1835.02, the index began to rally. It rose in choppy fashion to
1876.01 before falling back into the close.
The SPX, although opening lower, managed to hold
above the 1820.66 low. From that point the index looks to have completed a 5
wave sequence higher at 1876.01. The index looks to again be at a critical
point. With a 5 wave sequence today 1876.01, there is a danger of the SPX again
rolling over and continuing its slide. If this should happen there looks to be
support at around 1819. At this point I am still looking at 1820.66 as a longer
term low. My current count would have the SPX moving higher, with 1880 as a
likely resistance level. If the index moves up to that level 1865 would become
support.
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