The market has its share of difficulties deciding on direction today, but was finally resolved lower. However, the price decline does not meet even the minimum targets for a correction so we can expect more decline to follow.
The chart below shows the Broadening Wedge Formation on the 5 minute chart and the most probable outcome from this pattern.
Short term I continue to sell strength and Intermediate Term I am buying weakness.
I look for a minimum downside target of 1457-1453 basis the S&P 500 cash which is still another 15 points away and this is the minimum target.
We could see the completion of the correction on Tuesday and as a matter of fact a down Monday, down Tuesday could very well set up a very bullish Wednesday.
On the day trading front, we captured 9.75 S&P 500 points today, but we had to fight for every single point we got.
By the way, if you did not see the previous post, the Day Trading Site is up and running.
You can check it out at - http://www.lowriskdaytrade.blogspot.com