Monday, March 21, 2011

S&P 500 ~ Intraday Update 1 ~ 21 March 2011

The SPX gapped up into the strong resistance area between 1295 and 1305. This is the area I expect to see a wave X top. Should the market rally through this level though, then a rally back to the highs is very likely in my opinion (either a B wave of a flat, or the start of wave (3) up to 1500+):

As you can see many Elliott wave possibilities right now so I suggest to focus on the important support and resistance areas which are 1220-1225, 1260, 1295-1305 and 1345.