The Tuesday green of the SPX add more bullish factors to the daily chart. However the pullback seen on the hourly chart that violated the high of the Friday 4/27/2012 shows that the 1415.xx might be a hard resistance zone and a further dip is opened.
With bullish arguments in hands, a pullback may be a buy if we can manage well the stop loss.
Elliott bearish view
As long as 1422.38 is not taken out by bulls, there is still a possibility the market to fall to make an ABC correction with destination lower than 1357.38. However, it seems that this possibility is becoming dimmer and dimmer.
Elliott bullish view
There may be some pullback to form wave 2 of the motive 5 waves up or a consolidation in the zone limited by the support 1386.00 and the resistance 1415.32 before a higher high would be made.
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