We made another new high today, but only by 8 cents. We hit 1150.00 on the SPX. Couldn't ask for a better touch of resistance. Right to the penny. However, we may have one more choppy day to come and we might squeak out a new high.
We may bounce between 1140 and 1150 for the next day or so, and perhaps could make it as high as 1155, anything over that could be a problem for the bears.
Breaking below today's low of 1132 could get us to 1120 or lower. But until those pivots are broken, expect a choppy trading range.
The Euro looks like it is not yet done tracing out Intermediate wave (2). I have given a target of somewhere between 1.38 and 1.40 for now, however this may change.
Just around 1.40 is where Minor wave C would equal Minor wave A. We have already crossed the .618 extension, and the .786 extension is around 1.37. The 61.8% retracement of the entire wave (1) is around 1.3886.
If the Euro is going to further retrace up, that can't be good news for the USD. The USD may also head down a little further to finish tracing out it's Intermediate wave 2. My USD charts are still not loading because my ToS grids are still down.
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