yauger

Bouncing or just keep plowing on the upside

FX:SPX500   S&P 500 index of US listed shares
104 0 0
The weakness we got from the high does look impulsive suggesting that is the trend for now and once this corrective rally is over, we should see another leg down.

But I don't think the corrective rally is over, the first leg from recent low might be. as we are butting against the 38.2% retracement and chart resistance at 2070 with the Slow Stochastic ( 13, 5 ) stretch and diverging. But regardless of what happens today, the right look suggest another upleg should materialize to bring prices towards 2080-2090 before another round of selling emerges.
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