Today is series s4L IFFY and the SPILL PRESSURE is UP. Yesterday was SOLID with the market working all day for a test of 1650 CASH aka the 1647 SPOT. The bulls first pass @ 1747.25 was too early and the rejection of the 1750 round off of that attempt produced little buying going into the last hour.
The outcome was a small air pocket move to the first of our ASTERISKED highlighted major SPOTS on the string down to 1713. There are going to be a lot of bargain buyers looking at the 1735 CASH .5 retrace and 1732 large internal fibbo cash if the move continues to extend WITHOUT the ‘b or iv’th’ wave first.
If the ‘b’ wave materializes look for a bounce to Overhead resistance with 1651.5 SPOT first minor resistance and the 1661-1673 zone and its’ SPOTS the major resistance. The bears own the chart below the 1689 SPOT…SPOTS TA ROUNDIES
FV -2.34 NUMBAHS S4L IFFY 08/20/ 2013 SEP. contract
By William Blount