The SPX had a little more upside left, as it
opened higher and hit 2025.32 soon after the opening. With a 5 wave sequence
from 2001.01 completed, the index pulled back. This pull back took the SPX into
the support zone set up by the sub-wave structure and dropped the index took
2015.86. After that the SPX was back into rally mode, as the index rose to
2027.35, pulled back slightly to 2024.10, and then rallied into the close,
reaching a high of 2031.61.
With a 5 wave sequence completing at 2025.32, followed
by the pullback to 2015.86, and then the move above the wave 5 high indicates a
higher degree sequence has yet to complete from the 2001.01 low. There is
resistance between 2034 and 2042. Another pullback similar to the 10 point
pullback the SPX saw today could occur at that point. If the SPX moves above
2042, 2070 might be the next stop. A move below 2001.01 would likely signal an
end to this move.
Off topic for a moment; I think everyone is aware
of this, but I found this an interesting read:
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