SPX made another new high today and started to correct afterwards to finish in the red. Quite a rarity to see red nowadays. This time only 3 points away from the original 1560 target I set when I first started this blog.
The DI- did in fact finally break out of its slumping downtrend in the first half of today as mentioned previously. CCI 233 (the big bull trend) also broke as well. We have oversold conditions on the lesser time frames setting up the bounce we are seeing now.
I think 3/13, we see one little move up and then it's another down wave as the DI- picks up some steam. I know the Dow and RUT have made all time highs but how come it means the SPX must make a new all time high as well? I think it will make it eventually but in the meantime I'm still playing this as the SPX corrective phase.
I have a target set for 1535 by EOD Friday. That is only about a 1% down move. In the big picture, this phase is going to look choppy so I will be looking to make some quick trades next two weeks.