2 Dec 2013

For the most part of the day prices for the SPX have been following our angle line before the late afternoon breakdown.  These lines play a big part in prices regardless what fundamentalists say.  We have made a low near the 75 ma in the 60min chart and have bounce.  The intra-day charts are still pointing down so we must give some allowance for more downside bias.  The EW count looks good but nothing is for certain.  Therefore we will just wait to see if this downtrend resumes into a larger move.  The next level to watch is the 1780 where the 200ma for the 60min chart is currently positioned.

Main-Trend: UP
Short-Term: DOWN