Still expecting a short term top around current levels. Pullback should stay above the mid term support and bottom of this 2014 year . The large pullback should wait until 2015 when wave 3 must be completed and allow a deeper retracement on wave 4.
$SPX around levels mentioned on last post almost 15 days ago, $NDX has found more buyers on low volume and points to 3930-50 as next resistance.
We are close to some key Fib levels on both $SPX and $NDX
$SPX around 1970
$NDX around 3830-40
If this zone holds the rally we could see a 6-8 % retracement .
Shorts look nice from this zone for a medium term trade that could take from a week to a month. But still we need to see price action confirm this sell zone.
Any upside action 1% above of this levels would invalidate the trade.
Half of the planet busy tracking FIFA World Cup so not expecting much the following days.
We got the expected pause (1955-60) at $SPX 1956 Hi. Got 30 points downside and now consolidation. Buyers still active on the dips.
Will have to see a break above 14.00 on the $VIX for anything more aggressive .