Wednesday, September 14, 2011

S&P 500 ~ Intraday Update 1 ~ 14 September 2011

The SPX opened higher today at around 1180. Since then the market has been selling off all the way down to yesterday's noon low at 1161ish. If this level breaks wave iii is most likely underway:

If 1161ish breaks next support levels are at around 1137-40 and 1120ish. Resistance levels are at 1186 (gap), 1204-08, 1230ish and 1260ish.

The ES channel is holding so far. Unless it breaks we might still see a rally to SPX 1186 (= ES ~1179-80).