The S&P 500 continues to extend impulsive 3rd wave strength while the key 14-day MA remains supportive on a closing basis. There is a cluster of Fibonacci measurements that signal significant resistance near the 1200 level. This pivot is likely to terminate the current 3rd wave (if it gets there in the short-term) given bearish diverging daily studies. The eventual 4th wave is likely to be of the complex variety, possibly a triangle formation. The 5th wave should test the 2010 highs, possibly reaching another Fibonacci cluster in the 1230 region. Meanwhile, only a loss of the 1129 region (first wave's peak) alters the wave count.
STRATEGY: SELL at 1201, risking 1231, targeting 1169
