As I had said in my market update, expect the market to possibly go higher. Despite the bearish open today because of the healthcare vote, we continued our rally up. News does not effect the wave structures. The market is continuing to show strength to the upside, as it continues to shrug off bearish news. It is also showing no signs of reversing.
We didn't touch the 1170 pivot, but we came within 3 points of it. There are good chances that 1170 gets taken out tomorrow.
After that, we have a pretty clear path to 1200, but we may find some resistance around 1180.
The Nasdaq squeezed out a high by 1 point today. It seems to also be in a straight upward channel similar to the SPX.
Until we break below this channel, the trend remains up.
On the bearish side, we need to break below 1150, but until we do... the SPX will remain in an uptrend. We also need confirmation from the internals on any down move.
Apple also continued it's up move today. I am still expecting it to go higher.
The current target is around 230. Let's see if it gets there.
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