Missed it by that much...

It is my belief that the S&P 500 will eventually have a down week. I will go out on a limb, and guarantee it. Sooner or later... at some point in the not too distant future... the closing price on the S&P 500 will be lower on one Friday than it was the previous Friday. Will it be Friday, May 18? Could be.

The S&P 500 only needed to close below 1505.62 to be down this past week. It finished up at 1505.85. That is fine. It seems probable to me that the rally that lifted the S&P 500 to that level was merely a b-wave in a larger three-wave corrective pattern down. It would not be unreasonable to see a final downward thrust over the next couple of days.

The area around 1475 continues to serve as my promary downward price target.

Best wishes,

Eldinril