After finding support near the identified 1351 level the cash S&P500 made it to the long (green) moving average. The session was “uptrending” and it is (possible!) that a small, upwards five-wave Leading Diagonal pattern has completed from the 1331.29 low. More likely however is that yesterday’s bar was a small fourth wave and one last push today will complete an impulse from the 1331.29 low.Our working hypothesis remains unchanged - that a five wave impulse pattern has completed from the June 5 high. In turn, this means that we are now in a larger degree fourth wave (iv) [scenario 1] or that a complete zigzag pattern has completed from the May 19 high [scenario 2].
Today’s support: 1356-57 and then 1345. A move below last Thursday’s low means that scenario 1 (impulse scenario from May 19) is preferred.
Today’s resistance: Expect resistance again at the long (green) moving average. If this is broken the next level is at 1368-73 and then 1384-91.
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