


The SPX did take out two of the earlier highs, 1113.98, and 1114.74 before selling off. But did not make any lower lows during the sell-off, so the trend is still up.
Important levels tomorrow are 1116.11,and 1119.13 on the topside, and 1105.56, and 1101.41, on the bottom. Breaking these would confirm, or change the current short-term trend.
Breadth for the day was 1.85:1 advancers on average volume. Still not the numbers to get excited about, a mixed day, that was slightly bullish.
Breadth for the day was 1.85:1 advancers on average volume. Still not the numbers to get excited about, a mixed day, that was slightly bullish.
** Side note, I will have a very interesting chart to post as soon as Stockcharts updates the daily charts. After the FED meeting, the credit market went wild, with the 30 closing at a yearly high!!!


So that leaves a very tight range for the ending of the 3rd. wave, 1119.14-1121.27, if it were of the contracting variety.
Wave 3 could exceed the 1st wave in size if it is of an expanded Ending Diagonal.
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