Clearly, the stockmarket has been on a down-trend (wave-4, within the current WAVE-5 that started Dec 31, 2012). Our projections account for wave-1 of WAVE-5 from Dec 31 -to- Jan 4, wave-2   completed on Jan 8 and since then we have enjoyed wave-3 within this WAVE-5 until Feb 19.

The projected target on the $SPX for this leg is 1487.91, which was met today. The length of the downtrend is expected to be 4-6 days. Therefore, it is possible that the down trend ended at the closing today. The last support for this down trend is 1451; a close below this level signals a major decline (not the assumed wave 4).

After that, the index will resume its course to a new high, with a tentative target of 14,788 on the DOW and/or 1,634 on $SPX (the actual targets will be defined better after the downtrend is completed).