Wednesday 03/25/2020

The SPX opened higher today, moving above yesterday's high to 2501.57. After a slight pullback, the index powered higher, hitting the high of the day at 2571.42. From there the SPX moved slightly lower into the close.

From the 2191.86 low, the SPX looks to have completed a 5 wave sequence at 2571.42. This traced out as 2191.86 - 2300.73 - 2360.25 - 2501.57 - 2407.53 - 2571.42. Wave 2 of this sequence was the inverted corrective wave. With a 5 wave sequence likely completing, a pullback would be in order. So it looks like decision time will be setting up shortly. New lows, a continued rally? Looks like we will find out shortly.

We might see a pullback at this point. Support may come in between 2368 and 2401,