EOD Update: The end of the day was bullish and I am assuming this is the B wave of an ABC move, however it could also be a W1 in play and looking for only a Fib retrace as opposed to a C move that would take us down to 1184 again. How the market behaves tomorrow will give us a clue. The market did end up in the 1205 area overnight but plunged by the time the cash markets opened. I was hoping I would have caught that high in the cash market to sell my longs and go short but instead I ended up selling my FXI at 44.38 for a 0.5% gain at the 1195 level and went short at 1196 and 1197. I am will start covering shorts at the Fib retrace unless it is a swift plunge like the one we saw today. But the bottom line is that it seems like we're heading up this week.
Morning Update: This could be W1 of a W3 or a C. The market did top in the e-minis last night in the 1205 area in a 5 wave move from 1173 and technically we saw the correction this morning and now we're on to the next wave. For the bull case, the S&P should close over 1197 but if it bounces off that level then we can probably expect further downside. I just sold my longs from 1190 and went short at 1196 for an intraday trade.
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