Mr Market is seeing a minor down cycle... with a somewhat obvious target of 1910/05 zone.. where the 200 dma is lurking. Broader upside to 1950/60s still looks due next week.. by the next FOMC.. when QE3 ends.
sp'60min
Summary
...suffice to say... a little wave lower.. call it a 2, B.. Y... or whatever...
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Hourly MACD cycle will turn negative by the close of today... offering a daily close around 1915 or so.