Thursday, May 17, 2012

SPX ~ EOD Update ~ 17 May 2012

The SPX declined another 20 handles today and is now already near the 1300 level.

I've been bearish since 1385 has been broken earlier this month. As we are at a crucial point here I'm now neutral and wait for the next move.

If we get a reversal wave 4 is probably completed and I'll go long...

... and if we decline even more I'll be on the look-out for a new short entry.