24 Sept 2014

The SPX has managed to retrace the current run down by 50%.  The futures chart clearly shows a 3 wave move up, but not in the cash market.  With the market still in bearish mode the risk is still to the downside.  One thing to note here is that prices have moved above both the MAs of 75 and 200 in the 60min chart.  Also it has moved back above the green dotted line that we were calling a critical area.  We should watch to see if this will be broken again tomorrow.

MT: DOWN
ST: DOWN
PA: DOWN