SHORT TERM
Support for the SPX is at 1107 and then 1090, with resistance at 1136 and then 1146. Short term momentum is rising and slightly above neutral. The rally, thus far, looks impulsive. After a retest of the SPX 1041 low on June 8th. The market rallied in Minor wave 1 to SPX 1078, then pulled back in Minor wave 2 to SPX 1052. Since then this market has impulsed higher in what appears to be Minor wave 3. When this short term rally rolls over into Minor wave 4 and then a higher Minor wave 5, Intermediate wave A should have completed. Then we should be able to make the next assessment of this rally. Currently we're expecting five Minor waves to complete Intermediate wave A, possibly around 1136. Then an Intermediate wave B pullback. This is to be followed by another five Minor waves to complete Intermediate wave C, possibly around 1146. This is just a potential pattern for Major wave B. Best to your trading!
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