The 'count' for wave'1 remains incomplete. We are still due one final fifth wave lower, but this is now looking very unlikely. I am not sure what to make of this, I suppose it could merely be a 'bonus bounce' for those bears brave enough to short in the opening hour.
Sp'60min
Sp, daily, bearish outlook, count'2
*If we have now floored (black count), the upside target (blue count) is probably at least 1340/50, possibly 1370/80.
Summary
From a cycle perspective we are going to open up very high, its certainly not a great place to still hold onto - or take new, long positions. Those bears who were shorting into the close will be somewhat aghast to see this mornings pre-market!
Those looking for one final wave lower will need to see today close red, that's feasible of course, but that sure won't be easy to achieve. There is no econ-data due today, only the Fed Beige book at 2pm.
*Remember, we have the weekly jobs data..and then the Bernanke speaking tomorrow at 10am. There is still potential for one last wash out.
Good wishes...on this 68'th anniversersary of D-Day.
More across the day.