We got within 1 point of my target of 1080 on the SPX. We did back off about 10 points once we hit 1079, but it wasn't as impulsive as I would like for it to be. In fact, market breadth was quite the opposite. We had a big up volume ratio earlier today, and it hung around 10:1 most of the day.
At this point, I'm not too worried about the strong internals. The waves don't look impulsive to the upside, they looks corrective. It's been very choppy these past few days.
So for now, I will mark today's high as the end of minuette wave (ii). However, for this to be valid, we need to be down a decent amount tomorrow.
If not, it will be key to watch the upper line of the channel. It is hard to give the exact target of that channel since it is downward sloping, but just to be safe, keep an eye on 1080.
The 15 minute chart on the SPX is giving some bearish signals.
The US Dollar pulled back a little more than expected, but nevertheless, it has not broken any rules.
The target is still to the upside.
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