The risk-on mode is still in play with S&P futures at its highs, causing some downside pressure on USD across the board, moves that are also supported by higher commodities, especially metals.
On the S&P futures intraday chart we see prices moving up in impulsive fashion from 1802 that can be wave v). However, we need five waves up before bullish run can stop. Ideally market will reach 1845 figure in the next 24-28 trading hours. Keep in mind that US cash market is closed today n observance of Presidents' Day, so moves can be muted.
S&P 500 (Mar 2014) 1h Elliott Wave Analysis
Written by www.ew-forecast.com
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