The downside target I identified in today’s commentary is shown in the chart, with an AB impulse leg that looks pretty kosher. The actual target lies at 809.75, and it sibling midpoint at 834.25 has already been breached. Even so, and as you can see, it wouldn’t take much of a rally to negate the point ‘C’ high of the downtrend. Given Microsoft’s short-squeeze reaction to the non-news after the close concerning earnings, it’s hard to predict what the market’s mood will be when stocks begin to trade on Friday. If the E-Mini S&P heads higher, though, and it looks comfortably supported by an 858.00 midpoint (currently resistance), we should infer more upside potential over the near term to as high as 892.75.
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