Price action according to published plan

In our last Friday’s analysis and Saturday’s model presentation of hourly $SPX price prediction, we advocated that $SPX had just found short-term support at our March 15, 2013 predicted level of 1,537 (1,539.50 exactly) and that it would bounce back up to the 1,561-1,565 range.

It is 4:00pm EST in the U.S. and $SPX clocked 1,563.03 at the close, hence ending right in the middle our predicted target range of 1,561-1,565 from last week.

In a few minutes, AA will report quarterly earnings, which in our opinion will guide stock market direction over the next few days.  

As we advocated last Friday and Saturday, we are now at a critical point, whereby the market may roll-over to the down-side for lower lows, or breakout above the recent high of 1,573.66 towards 1,600-1,620 range.  

We will have to wait and see what happens next before we can conclusive discern the market’s next move, although we feel that we are heading lower.