Cylce Bounce Still In PLay

The bounce we expect towards the 1435 to 1460 area in the S&P 500 is still in play.  1360 remains the pivot point depending on what ladder you are using.  As such 1310 is probably an extreme on the downside at the moment.  In some ways trading down to 1310, instead of the 1260 area some are looking for, could be considered the retest.  A close below 1310 raises the risk that another leg down is triggering and the bounce strategy is over for this cycle.