The gap up yesterday in the S&P 500 through a wrench in my ideal view of slightly lower wave ii before pushing up in wave iii for the next week or two. However, since my main hypothesis is a rise in US equities into the June FOMC meeting, I don't want to be caught fighting against that rise if it is starting somewhat early. Short term I think there is a good chance to push past the May 14th high today and try for the gap fill from March 16th at 2751 SPX. Could prices still fall toward 2700 SPX? Yes, but have to put it at a lower probability now.

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