The market opened a bit higher today, hit SPX 2388, pulled back to 2378 by late morning, rebounded some, and then pulled back to 2377 at 3pm, before ending the day at 2381.
At today’s low the market had pulled back 13 points from yesterday’s high.
A meaningful for day traders, but not so much for this wave counter.
With most of the economic news for the week now out of the way.
The last determining factor for this week, is whether or not option expiration’s impact occurred today, or will occur tomorrow.
With today’s pullback, after yesterday’s rally, it could have already occurred.
Short term support is at SPX 2353/55/58 and the 2336 pivot, with resistance at the 2385 pivot and SPX 2401.
Short term momentum declined to neutral during today’s pullback.
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