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.
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