With the SPX clearing the 1699 pivot range this afternoon, and we are now in August, it appears Minute wave iii of Minor 5 is underway. Maybe the market will visit the OEW 1779 pivot after all.
Short term support is at the 1699 and 1680 pivots, with resistance at SPX 1717 and SPX 1734. Short term momentum ended the day slightly overbought. The short term OEW charts are positive again with the reversal level at SPX 1691.
OEW 1779
......X Caldaro possibile entro Agosto. Per me il Tg ,ovviamente attuale,( entro fine 2014 dovremmo sfiorare i 2000)...e' tra 1736 e 1752. Probabile poi una secca correzione.