10 Jul 2013

For EW purposes A=C would have us hitting the 1666 mark on the SPX.  For now though I will assume that our trend is going higher since our indicators favour that scenario.  Any correction from here must not exceed the said lower support I gave yesterday of 1604.  A break of this heightens the chance for more bearish risk.  Our 60min holds the clue as to how long the trend down should last.  A quick move by the 60min stochastics to the downside might have a short-term bearish implication and long-term bullish trend.

Mid-Term: UP (Unconfirmed)
Short-Term: UP