Prepared by Jamie Saettele
The drop below 9962 (February low) is significant because it completes
an intra month reversal. The 20 and 50 day averages are holding as
support (on a daily closing basis) and a drop below 9803 is needed in
order to confirm a more vital top. Small term Elliott resistance
pinpointed the high this morning and a drop below 9959 could complete
5 waves down from 10200. Keep in mind that the year to date high
remains the January 3rd high (first trading day of the year). This is
the most likely date of the year to produce a high or low for the
entire year.
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Source: Dailyfx.com
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