Saturday, October 8, 2011

S&P 500 ~ Update ~ 8 October 2011

Within three days the SPX rallied almost 100 handles - from 1075 to 1171. It looks like the first move up is over and we could see a pullback early next week. Likely targets are 1140ish and 1120ish for wave [b]:

The market shouldn't decline below 1100ish again. If we do though then new lows are very likely. In my opinion though the odds are very high that we've seen the lows for the year.

Have a nice weekend!