The action today was a bit more than I had anticipated, but it is about to either confirm or deny the intermediate term scenario.
There is a real possibility that the entire short term correction I was anticipating was either completed or almost completed. While there remains risk all the way down to 1468, there are some strong indications that the 1475 level should hold.
The market is going to let us know very shortly whether or not it wants to continue the rally off the 1436 low point. Seasonally we remain in a strong period and this should serve to put a floor under the market.
In a nutshell, while the market got hit with some selling today we still remain in a buy weakness mode.