The market found support at the 1626 level today and as I mentioned last week, if that level holds then we might see a bullish W3 break out in the next session or two. So it seems like the Wave IV is done and the market will be trading over 1640's soon. The markets had 3 days to correct after rallying to overbought conditions for 5 days but the lack of bearish advance just signals strong demand.
I ended up selling VXX again after seeing the 1626 level hold. So now I am in cash for that position and waiting to re-enter at a better price, perhaps in the $17's?
Main S&P 500 Trends
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish
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