S&P is fighting to hold above Monday’s low. Prices have pulled upwards towards 1555 yesterday and then declined to test the lows. Yesterdays low at 1543 came so close to our bullish scenario support. Fortunately it did not break.
Trend remains up, as the recent decline looks overlapping thus corrective. This could very well be wave (4) of 5.
Although we favor those bullish view towards new highs, we also have to keep in mind always the bigger formation is near its end.
Yesterday our members received in twitter the following tweet.
Resistance levels are : 1555-1566-1575. Support at 1543-1532-1510
We should respect those levels. We are upward biased and always raise our trailing stops along the way.
As always thank you for taking the time to catch up on my thinking. Have a great weekend.