Yet...we are still to wait for the FOMC tomorrow. Shorting ahead of that...highly risky, and I'm inclined to wait.
Sp' daily 4month
Summary
Today will be day'12 of wave'2, that's a pretty good time for this correction.
*there remain many out there who are dismissive of the idea that what we recently saw was even a wave'1 lower. Well, if the Bernanke does announce QE3 this Wednesday, then yes..we'll break new highs...but I just can't see QE3 at these levels.
Anyway...today should be about trading into the 1350s. I'd be a little surprised if we can break into the 1360s. Any 'rumour' about leaked Fed QE might do it though!
Good wishes for Tuesday