Wednesday, 9 September 2015

S&P 500 futures sitting atop two hourly chart trend channels

Hourly chart shows the S&P 500 all sessions sitting atop two trend channels. The Elliott Wave labeling favours a move lower from near current levels, perhaps bravely (foolishly?) anticipating a break lower through dual trend line support. As always there are other options, but this wave count is so clear it demands to be considered. A rise above the late August high would invalidate this count and favour further rally, likely toward significant daily and weekly chart resistance around 2040. Let's see.