Wednesday, March 2, 2011

S&P 500 ~ Intraday Update 1 ~ 2 March 2011

We've seen the expected bounce this morning. To qualify as a second wave it was a bit short though, so very likely wave (i) down is still underway and the rally this morning was only wave iv of (i).

So, a new low in the SPX 1300 area (overnight ES low at 1296 might be a good target) should follow and then the bigger bounce into the 1320ish area should occur later this week.