Good morning. Futures are showing sp+5 or so, so we'll open around 1350 - the first break into my original target zone of 1350/60. We're about there!
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
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