Monday, January 9, 2012

1/9/12 - EOD Update

SPX - 15M - PRIMARY
A very boring day today as the market continued to trade in a narrow trading range ahead of AA. The ascending triangle and lower TL are what I'm primarily watching next to the wave counts.

I think we should see a move tomorrow. For the bulls, caution should be warranted if the break is to the upside as the primary anticipates since there continues to be a -ve divergence building on the 60 min.

Should the bulls break out, I'll be watching the 1288 and 1294 levels for possible resistance. After that, 1300.

SPX - 15M - ALTERNATE
The bear's best count at the moment is a flat looking for the completion of wave X before a wave Y down towards 1263.
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