Looks like we are hitting a brick wall with prices sticking to these range the past few trading days. I do not know if there is enough momentum to push prices higher, but I have been proven wrong before. We are still in OB territory so we cannot count any move up out of the question. What we do need is for the intra-day signals to tell us if we are in a sell or buy risk. Right now, that answer is 50/50. So if you are bearish, I would wait for more confirmation, while a bullish stance would keep my eyes on any sell signal to get out of any long positions.
As I said before, the patterns and cycles are already in its late stages or have passed, so we should see some results soon. Short term support lie just above 2009 SPX pts. But an impulsive move down could just pierce through this and push down hard.
SEN: Bearish
ST: UP
PA: NA
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