$SPX Morning Update

Well they haven’t crashed us, so that’s good. They took us right to the 200-week and closed us there with rumors of Credit Suisse on the ropes. That moving average should be strong support, as we would expect to find some big buyers there. But, if they had gapped us, gapping through support like that would have been devastating and could have led to a waterfall. And we were all set up with a very plausible 1-2 as well. If they were going to crash us, that is where they could have done it.

Instead, we’re now going to gap up (if these early hour gains hold). If the market is bullish, it may be very bullish. I can count the entire structure from the all-time highs as complete:


Confidence for this bullish count will increase if we can break up through these structures:


If we do, I will look to develop a bullish intraday count as we go from here.

I continue to be positioned long/short at this time.

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