Tuesday, April 12, 2011

S&P 500 ~ Intraday Update 1 ~ 12 April 2011

The SPX declined below 1330 which indicated that a move lower towards 1300ish is very likely.

My preferred target area for wave 2 is around the 1300 level. There the market should find support and then start wave 3 up to 1400+.

Should we get a convincing break of this level though then I think wave (2) is still underway and maybe after all we still get to my 1220 target.