Key issue today: can the market put in a higher low? So long as we don't break below yesterdays low of 1347, the market still appears likely to retrace up to around 1380/85. The Bernanke is speaking tomorrow, so maybe that will be the excuse for this market to again ramp upward after this mornings low is put in.
Sp'60min
Sp'60min - H/S formation theory
Summary
Best guess right now is that we'll put in a higher low, although it is kinda a close run issue right now.
I am long from equivalent of sp'1351, and would look to bail around 1370/75 later today or tomorrow if I can get it. I would certainly look to re-short anywhere above 1380...and most definitely at 1385/90.
The weekly and monthly cycles will continue to warn of a major down turn unless we break back above last weeks old support of sp'1395.
More throughout the day!