$SPX: Market Coiling

FX:SPX500   S&P 500 Index
160 1 3
Bollinger bands and moving averages are compressing to unusual levels, suggesting a pending and sharp break out of what can be best described as a mess.

I still believe the bulls have the upper hand in the short term and could drive the market into the 2111 to 2115 zone where I believe it will fail for any number of reasons including a head and shoulder formation.

Should it break in the other direction, we go to plan B.

In the Alternate Bat drawn D was placed to make X to D exactly .886; B to D would like to see a slightly lower price while the short term Fib extension is self explanatory.

Nice tight range.
let those bats fly!
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