Tuesday, October 25, 2011

S&P 500 ~ EOD Update ~ 25 October 2011

After hitting the strong resistance at 1260ish yesterday the SPX declined 2 % today:

Support areas are at 1230, 1215-1220 and 1190ish. Resistances are at 1260ish and just above 1300.

As you can see in the chart it looks like we're in wave C of (B). Likely targets are 1260ish (already hit) or 1300-10. If the SPX declines below 1190 wave (B) should be over and wave (C) should be underway.