Elliott Wave Analysis of the S&P-500 (SPX) by Sid from ElliottWavePredictions.com

Elliott Wave Analysis of the S&P-500 (SPX) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Today’s large opening gap was followed immediately by a stall-out, and the session actually closed beneath the open. Not a good sign. This could easily have been an exhaustion gap, to be followed soon by a possible island reversal. There is a strong cluster of resistance between 1285 and 1293, so a slight higher high within the next few days may be followed by a nose dive, possibly occurring during an overnight session. Movement below 1264 would support this count.


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