Alexandros Yfantis | Oct 01, 2013 07:57PM ET
Despite the fears of a government shutdown and what it might do to growth in the US, the S&P 500 moved north on Tuesday after falling from 1730 to 1674.99. The index has made a nearly 61.8% retracement of the 1627-1730 move. Our first target was 1688 and our second was 1666. Currently the index has changed its short-term trend to up again and faces a challenge at the 1705-1715 resistance. The index has made a downward move toward 1675 that looks more like a correction. Since the decline is not a clear impulsive wave down, our preferred wave-count labels the decline as wave A of the correction and we now expect for wave B and C to unfold as shown below.
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