Sep 9, 2013


Short term signal: UP - it will turn down bellow 1654
Intermediate term signal: UP - it will turn down bellow 1654
Comment: The signals continue pointing up. No opening lower and move to 1670-1675 has followed. Not much of a surprise, I knew that something on the upside is possible, but not really such parabolic move if you watch it on the smaller time frames. Ok there is two options exhaustion to the upside, topping should follow and the next leg lower or this is part of a new leg up - than we should see at least another strong day 15-20 points in the next days.

Watch price behavior for clues:
- short term top is near - SP500 should find resistance around 1675 and topping visible on the shorter time frames should start.
- a rally higher has begun - another 2-3 strong days moving above resistance ~1682

Levels to watch SP500:
- 1675-1682 - resistance
- 1645-1655 important area, congestion zone, now it is a support.
- 1627 support level
- 1598 is major support.

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