Friday, May 20, 2011

S&P 500 ~ Intraday Update 1 ~ 20 May 2011

The SPX rallied from 1319 to 1347 and is now pulling back.

It'll be interesting to see if the market just gives back its gains like on May 11th and 13th or if this time we can form a higher low and then rally from there to much higher levels.

If the rally from 1319 to 1347 was the start of a new big move up then this correction should bottom somewhere around 1333 +/- a few handles.

From there we should start moving up again and then break the blue downtrend line and eventually make a new yearly high.