Short and intermediate trend is up. Having taken out last week's high the S&P's have found acceptance back within a prior 2 week Balance - the destination trade becomes the top of that balance - 1431.75. It does not meant we have to get there to the tick. The key weekly reference is 1417.75 - clear acceptance above that level targets the 1431-32 area.
Wednesday almost delivered an Outside Day. The profile looks too stretched out which usually is a result of violent short covering. This morning - overnight inventory is all long. 1415 fills the range gap above. Failure to find acceptance above the 1417-18 area may trigger a liquidation break. Acceptance above this level then targets the 1431-32 area as mentioned above. The key references for this morning are marked above.
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