Wednesday, February 23, 2011

S&P 500 ~ Intraday Update 1 ~ 23 February 2011

The SPX hit the 50 % retracement this morning and if the 1310ish level holds we should get a bounce.

It's even possible to count five waves down from the 1344 top. As I said before though, it's too early to tell if this is just another correction or the start of a bigger sell off.

If we get above today's high we should see a rally to at least 1325ish. A break below 1310ish would open the door for a sell off to 1300ish.