2pm update - first break lower

A 3 candle top on the hourly cycle (or 5, depending on how you count it!)..and it looks like we have maxed out what might have been the 2' wave. If..and its a BIG 'if', that's the case, then we're now starting 3 lower, which should break below last weeks low of 1357.

One interesting thing to look for early next week, does the 3' wave get us down to 1340/25, if that's the case, then I'd guess we still have the near term chance of 1300..even 1270/50 via a wave'5 down. 


SP'60min

As noted earlier, bears really want to see a move below the 10MA, a close in the mid' 1370s right now would be more than enough. 1360s look out of range, although if it is the 3' wave, then it is possible, we're only talking about 10/12pts away.