Signals

Short term signal: UP - it will turn down bellow 1646.
Intermediate term signal: DOWN
Comment: If I am right we in correction of the correction:) It is not the best time to follow the signals because the confirmation comes too late the moves are soon over and you can not squeeze a lot. If this a correction it will be a move with three waves. Wait the current one to retrace some of the advance and jump on the third wave it should be stronger.

Watch price behavior for clues:
- short term bottom and corrective move up - retracement should soon begin with a top for the current wave up bellow 1675.
- a rally to new highs (if I am wrong) - two or three strong green candles moving above 1682 and 1700.

Levels to watch SP500:
- 1682 is now resistance
- 1650-1660 important area, congestion zone. Retracement of the current advance should stay in this area.
- 1598 is major support.