Today in the S&Ps, we rallied up, fell down to nearby support, rallied again, and closed in the middle. It is not surprising to get a swinging day after a trend day up as we had on Tuesday.
Higher Prices Tomorrow
No supply showed itself on the intraday chart today. The Weis Wave — such a useful tool — shows that sellers just didn’t come in. The structure indicates that odds favor a rally to at least yesterday’s high of 1249. The question then becomes can the market surmount the resistance reaching back to the June lows (upper box on the daily chart) and the weekly apex downtrend line?
If it can, then 1266, 1283 and perhaps higher will be in the offing. A decisive drive above 1266 breaks the supply line of the weekly apex. The market can take off to the upside. We shall see.
–Lars from Norway
