Today is series s4L AND the SPILL pressure is UP. Friday’s news driven roller coaster ride actually changed nothing. The market GLOMMED TO THE NUMBERS and did THE ONE GOOD DOWN PROVIDED by the INVERTED T’s.
After tagging the MAX 1663.1 , SPOT 1664 the down to the a.m. low was went straight to the SUPPORT given at 1640/42.5 with a NOISE of 1.25 mini, 1 handle SPOO. From there it was right back to resistance and a double top for the mid p.m. high. All week the 2 of C players were looking for 1651.5 as the SPOT that mattered .By the close it was tested. However, until 1669.51 CASH is bested price can drift a little higher using that preferred count. ALT 1 is that the drop is a clean 5 down from 1709.67 and we are in the (B) wave up from the 1627.47 C ASH low. If this is the valid count look for price to push up through 1669.51 CASH THIS WEEK.
I am discarding the current BULL ALT that this is part of intermediate wave (5) up and will publish a replacement chart tonight with the BULL ALT I now prefer. The drop and amount of time eaten on the clock dictate this in my opinion.
THIS WEEK WILL BE DOMINATED BY 3 EVENTS as the NEWS IS LIGHT :Obama addressing the nation aka news on SYRIA, OPTION EXPIRY DAY 1 ON WED which will have a TRENDING FEATURE, and ROLLOVER ADJUSTMENT ON THURSDAY.