Hello Everyone,
Quick Comments: This week so far the market has traded almost exactly to our short term charts; particularly the uptrend channel that we've been showing on the 15 and 10 min SPX charts. Today the SPX pulled back strongly in the morning to re-test that channel line only to bounce off of it into the afternoon. That pullback may have completed the wave iv that we've been discussing, or it could still unfold over another day however it would be in jeopardy if prices pulled back too much. If today saw a wave iv completion we are looking for one more move up into a wave v possibly to the 4200 - 4220 area
Note: the SPX closed down 31 points and the VIX also closed down
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Matt
