Thursday 04/02/2020

The SPX opened slightly lower this morning, but quickly reversed to move above yesterday's close, before once again moving lower to 2455.79. At that point the index found some direction, rising steadily to 2532.21. From there the SPX moved sideways for the next couple of hours before falling to 2467.68. After that the index once again moved steadily higher into the close, moving back up to 2530.13, before dipping into the close.

Although the SPX did move lower at the onset, it did hold yesterday's 2447.49 low. Today's action can best be viewed as a wave 1 from that low to 2488.09. Most of the rest of the day was then spent working on the inverted corrective wave 2, which looks to have ended at 2467.68. That would now put the SPX in a wave 3 from that low. Since the index did end the day in overbought territory on the 15 minute chart, the 3 waves off the low could possibly be part of a corrective wave, so the 2447.49 low remains important.

I am still viewing this as the start of wave 5 from the 2191.86 low. A move below 2360.25 would invalidate that count. Until then my short term target remains 2749 to 2889.