The ST has turned up, but prices seems to be reluctant. I will give it one more day to see if the indicator is not throwing us a lagging signal. Regardless this blog is all about what the indicator is telling us within its timeframe. My views of the ST crossing to the up side is due to yesterdays impulsive nature, but the recent price action seems to show a slowing momentum.
Our EW count is still valid, and more so the 60min 200ma has been the resistance to prices. At the moment prices for the SPX is between the 60min 200 and 75ma. So todays move is as good as an indecision day. If we push lower the targets will be in the 200 day ma and the 1940 - 1880 range.
MT: DOWN
ST: UP
PA: NA
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