Working hypothesis is that the wave (iv) correction in the S&P 500 ended on a truncation last Wednesday and are in the early stages of wave (v) up. That said, a modest correction to retest the break over the downward channel is reasonable today before resuming the climb higher. Supports to watch are 2633, 2626, and 2616 SPX. Under 2616 SPX, the odds that wave (iv) has not been set increase and the market becomes vulnerable to a new swing low.

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