Thurs, Feb 24

The series of 15 minute measured moves short continued today and put pressure on the daily 50% level at 1302.5. Technically, since the low of the session was 1292.5, the 1302.5 long setup has not failed. As of now the market is stuck between the last 15 minute short setup and the daily long setup. Once the 15 minute moves short fail we should see a rally into the the bear's first daily short opportunity in weeks at 1317.75. If there are sellers at the 1317.75 level, we could go lower to the 1280 target but typically it would take a failure of the long to see real sellers.