I'm glad Daneric mentioned the gap at 1097 tonight. I've posted this chart several times now with the gap above there. See here.
Did anyone else notice that the market closed above the 50 day SMA today? The 50 came to a stop at 1093.77 while the market closed above at 1095.17.
Does it really mean anything? Who knows for sure but it just adds to the momentum that has built in the past six days. It doesn't mean the market can break over this only to retreat in a nasty wave 3, since there are bear counts asking for it.
I show the 200 SMA at 1112.14. Perhaps that is our next target? I have a count that would support that and more.
SPX 15 MIN
I made an adjustment to this 15 min count. I think we may have only seen the end of minuette (iii) and a minuette (iv) has been playing out. The structure would fit since it has moved sideways thus far.
Granted it is possible we saw the completion of a 5 wave structure we are looking at either a wave 2 or b pullback. We should have a better clue by the end of this week.
Notice how this bull count still implies the same thing as my preferred daily count (which is long term bearish but intermediate term bullish).
**** If you are not aware, I try to keep my preferred and alternate count link updated as much as possible. If you want to know what my current thoughts are on the wave counts, please check there from time to time.****