Choppy light volume day yesterday, and with this week being a Quad Witching OPEX today could be the same. Overall it looks like the market is just waiting for the next reason to make a big move. While that upside FP on the SPY could be hit it's not supported in the cycles, which are bearish into the end of this month, and while we might just make a "higher low", double bottom basically, I still think they will pierce through the current low so a "Head" can be made for a likely "Head and Shoulders" pattern, where the late April low is a higher one that makes the "Right Shoulder". I still think the new FP posted yesterday will be the early April high, which will probably be a wave 1 up of some degree. And that means the expected higher low into late April will be the wave 2 pullback. That will setup a big rally for a wave 3, 4 and 5 into an August "blow off" top. Maybe that's the one that hits another FP I have that would be 6500+ on the SPX. Short term it's looking like the market is setting up a series of wave 1's down and wave 2's up before a nasty wave 3 happens sometime next week inside the final wave 5 down.
Have a great weekend.
