S&P 500 Index
· The Index found support on the 55dma and is set to open higher today
· The triangle pattern highlighted on the chart suggest that we are in a final wave 'E' within this consolidation
· As long as 2,040 holds as support a move higher is my preferred scenario
· Based on the height of this pattern, a break above 2,111-2,119 would argue for a measured move to 2,190
· In our previous email we noted that we would use a dip to 2,075 to be long. The low on Friday was 2,072.
Strategy: Long from 2,075, target 2,180 with a stop on a close below 2,040.
Daily chart