As I expected, SPX had a short bounce today and traded down again. Even though it managed to close a little bit higher, future market was hit hard after IBM and TI reported worse than expected earnings. On the intraday chart, I see a potential bear flag forming. Tommorow we are very likely to see 1040 tested if 1060 can't hold. As a very important level (both resistance and support level), 1040 will attract decent amount of buying interest and that could possibly be the end of wave b correction.
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