...today's action was exactly what the bulls needed to get their 3rd wave. The problem is that it ran out of steam before breaking to new rally highs. That means that the bulls have to fight all of the overhead resistance in a 5th wave. I'm not saying they can't, but the 1133 mid target is looking increasingly far away from here. Watch for divergence sell signals on the hourly chart. The next move down should be for real.
I've put up a daily, hourly, and 5 min charts for the perspective.
Key Support Levels for trend reversal confirmation:
- 1107
- 1100
- 1095
- 1080
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