Sunday, March 10, 2013

03/10/13: short term top imminent - tomorrow likely

Quick update.  SPX gapped up on the better than expected NFP report but then filled the gap and subsequently rallied again to finish the day at 1552.

March 8th was a possible fib change.  However DI- and CCI trend lines are telling me that March 11th is the most likely candidate for a short term top.  DI- has been crawling on the floor but is looking like it's ready to break out tomorrow.  Regardless, the next day or two ought to put a temporary cap.

If I had to set a target, I'm looking for a trip back to the 50MA daily and to finish the wave no lower than 1474.

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