The SPX opened higher this morning, and then
gained momentum as it rose to 2049.98. A slight pullback followed, as the index
dipped to 2046.42, where it moved ahead once more, finally topping at 2056.08.
Once that mark was reached the SPX pulled back again into the close.
I have been looking for the SPX to complete a 5
wave sequence from last Thursday’s 2030.44 low between 2053 and 2063 which
would complete the sequence from 2001.01. It looks like this happened today at
2056.08. There is support at 2042, and then 2035. A pullback to either of those
levels would put a final rise to above 2070 well within reach.
A move above today’s high without a larger pullback
could mean the wave from 2001.01 has not completed, and still has a ways to go.
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