Yesterday saw a strong uptrending price bar form on the cash S&P500 daily chart. If the A-pulse is in at the February 13 high (likely but not confirmed) then the B-pulse low is now also in and price has broken through both the 1369.23 level and the old “C-Y” trendline. With the daily chart on a technical “buy” one would have to look for the rally to continue here.I have added some Fibonacci clusters to give a feel for some possible target areas for this bounce. Also added is the long-term moving average (in dark green) which makes the cluster at about 1427 inviting. In this price pulse scenario the current “sell” signal would be a move below last Friday’s low.
What if the A-pulse high is just now being made? I will look at that less likely scenario tomorrow.
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