Tuesday Market Action

The SP500 made 4 or 5 attempts to hit 1200 today, and never quite got there, topping at 1199.24 in the morning before closing at 1195.54.  Sometimes you have to take a step back and look at the bigger picture, though.  Now it appears that the current bounce is correcting the entire drop from May 2.   This means my estimate of a bottom between 1000 and 1050 missed the mark.  The October 4 bottom was 1074.77.

Looking at retracement targets, the .382 level at 1188 has already been passed.  The .5 level is at 1223.  That looks like the next likely potential top.