Monday and Tuesday were choppy sideways day, but into the close yesterday (and afterhours) we saw a push higher to "almost" breakout to a new high. Clearly the market is teasing bulls and bears both as it dances between support and resistance. At some point it will breakout and go up and hit the 655.66 FP on the SPY where we should top out at. Will that be today? I don't know, but if so I'll be shorting it. If not, then I'll do nothing as even if we go back down I still don't think it will be a lot and will find support lower to bottom at by tomorrow or Friday. The move down from the all time high of 6541.75 to the low of 6452 might be an A wave of some smaller degree and the rally up from there, to the current high, is just a B wave. That suggests a C down is coming next, but I think it will hold above the 6360-70 area of support, which then sets up the last rally next week into the FOMC on Wednesday where we should hit the upside FP on the SPY. Of course I'm writing this post Tuesday night and by the morning I could wake up to see a breakout and a run up for the FP. Therefore this all assumes that we don't breakout. If we do then the wave count is wrong. I'm only guessing that we'll hit the upside FP next week, but I could be wrong and it hit this week. Patience is the key here as I know it's going to hit soon, and I'm sitting on my hands until it does.
Have an blessed day.
