Wednesday, May 18, 2011

S&P 500 ~ Update ~ 17 May 2011

The SPX sold off down to 1319 by noon and then started to rally to finish the day unchanged at 1329:

On a daily basis the 1330ish support is still holding so there is still a chance to see prices above 1400.

I'd like to repeat what I said yesterday: As long as we stay below 1343 we could see 1300 or even 1260. A rally above 1343 would invalidate most bearish counts though and thus lead to a rally to new highs.