We broke 1141 on the SPX today. However, we did not break above 1150. Our high for the day was 1145, this now becomes an important pivot.
At the end of the day today, we had a nice down move. It wasn't very impulsive, but it was a down move nonetheless.
If we get some follow through tomorrow, our next down move may have started. 1135 and 1127 are the pivots to watch for on the downside.
The daily charts look like a potential double top.
The daily candle stick pattern may also be toppy. A doji followed by a spinning top.
1125 is the key pivot to watch for on the daily candle sticks. On the SPX, watch for 1145 to the upside, and 1135 to the downside. One of these pivots will play out.
The US Dollar also continued to chop around today.
We could be in a possible penant formation. This may be a bullish continuation pattern.
Since Apple has made new highs, I have made some adjustments to my overall count on it.
The wave (4) correction was an expanding pattern, so it is possible that Apple may continue higher before it completes wave (5). I only count 3 waves up from the lows, so that's why expect another push higher. Apple has been a leader for the Nasdaq, so if Apple shows strength, the markets may not reverse so quickly.
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