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S&P500: Intra-Day Resistance Comes In At 1655

S&P500 is still trading higher which is not a surprise as we are tracking an impulsive rally that should be sub-divided by five waves. Well latest corrective retracement to 1623 was wave (iv) so current new leg up should be wave (v) final leg in impulsive trend that could stop around 1655. Keep in mind that after every five waves correction follows, so if our count is correct then we will see a reversal back to 1623 swing zone.

Traders who are long will make tight stops, traders on the sideline will wait pull-backs.

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