Thursday, December 13, 2012

SPX ~ Intraday ~ 13 December 2012

The SPX closed below 1435 yesterday. Thus I'm still neutral medium-term.

As mentioned in one of my previous updates, should we get a reversal around 1435, which we certainly got yesterday, my preferred target for a correction is 1408ish.

There is also an open gap at 1419 so we could see a short-term bounce there. But below 1419, 1408 should be next.