Hello Everyone,
Quick comments: The market has had a strong rally off the lows last week. While many were looking to short, we were looking for higher prices and today the SPX exactly tagged our target area, which was a downtrend line from the recent highs, and the 61.8% Fib retracement. In after hrs futures are down, helped by some negative earnings reports, however this was a logical place to expect the market to pullback from. At the moment we favor a pullback being some sort of wave 4, which should unfold in some sort of zig zag or flat, and then possibly another move up in wave 5. As always we'll take it one level at a time and adjust accordingly. The nature and extent of a pullback will offer clues.
Matt
