S&P500 short-term: Correction Ahead

Last post called for a thrust target of 1195, out of the triangle pattern, and suggested caution going long. Well, the message remains the same, and we can expect a sharp correction ahead within the next couple of sessions, if not immediately.

Price hit a high of 1192 in the last session, not quite the target, but close enough. We could inch higher here, but definitely not the place to stay on the long side, for the rest of this week. Obvious support is at 1154. Still looking for one more high towards 1220 after this correction, but i will post again after watching the extent of the correction.

Asian Connection
On a related note, Hang Seng Index has reached its target area of 21900-22000, and Shanghai is close to 3200. All signals pointing towards headwinds for world markets. I will post an update on the Asian markets soon.

All the best folks!