Monday, January 31, 2011

S&P 500 ~ Intraday Update 1 ~ 31 January 2011

I'm going to post the outlook on February after the close today, so just a very short update for now:

I still like to see a drop below 1260ish to get a confirmation that wave (1) has topped but it looks like the rally has indeed peaked.

The April fractal still looks very good. If the correlation continues the market should rally today and tomorrow possibly as high as 1290-1295. After that the SPX should sell off down to 1200ish.

I'll have more charts and price and time targets for wave (2) after the close today.