The SPX 60 min has confirmed a Phase 1 at the 09:30 CT hourly bar. The good news is this may be a very short Phase 1 as the Phase 1 projected low of 1276.7 has already been put in. So the bottom may have been reached.
The SPX Daily Phase 1 put in a new low today at 1275.57, could this be the cycle low? The SPX 60 min will answer that question.
There is still three trading weeks left in this Month, that means the Weekly Phase 1 could very well put in a cycle low before the end of the month The Weekly projected low is 1241.43
This last Weekly cycle was only 33.4 points from the low to the high. The last time a Weekly cycle had that few of points was Sep 26, 2005 to Oct 3, 2005 which that cycle had only 21.93 points. The next cycle had 126.7 points. So if the Weekly projected low of 1241.43 is put in, the next cycle high could be around 1368. Staying above the 1290 level keeps the Monthly in Phase 2.
As I have said before, I believe this is just a Weekly correction and the SPX will retest the 1370 level before any new Bear market is confirmed.
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