Today is the new moon, thus the possibility of a change in trend befitting of a Turn Around Tuesday. Of course the market has the final say, but I must say I suddenly have doubts about the new highs I was looking for. S&P futures ended up in the middle of their overnight range, above the lows but below yesterday's highs. The overnight bounce seems lackluster considering most every global market is green today. I'll be watching 1264.50. If much violated, I'll be on the lookout for 1249.50. Below that and we're likely going to see some fireworks.
Basically my reasoning is this: in Elliott wave terms, I think we may have just completed a wave 3 of 5, instead of 5 of 5. The answer awaits.
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