17 Jun 2013

The daily chart shows that the price movement in the SPX has had a hard time breaking above the 20ma.  prices have tried 3 times and the last 10 days and is still below.  This is bearish until it breaks above and stays above the 20 daily ma.  As for the EW patterns, the most bearish scenario is also the most bullish scenario.  Only the triangular pattern can cause a short term bear trend that if it comes to fruition would push prices higher after its wave C bottom indicated by the red trending arrow.  The bullish case has this moving up from the lows on June 6 as a 1-2, 1-2, and todays move as another 1-2.  For now though our trend...

Mid-Term: DOWN
Short-Term: UP