In the last post, I was looking a for potential crash into OE week. http://timeandcycles.blogspot.com/2012/05/cause-for-crash-this-oe-week.html "Crashes are rare events, so caution is warranted with the following analysis... If we see a Panic wave develop in the next 1-2 weeks, it should ideally be into 5/18/12, the New Moon -2 CD."
Was the Globex Low, the Low of the New Moon-2 move? It is possible, as the markets are extremely oversold and the Facebook IPO is causing some temporary optimism, that should keep the markets afloat today.
Intraday 5 min June SP CIT (Change in Trend) Times 5/18/12: 10.00, 1.00 Apex, 3.20 Eastern
The intraday bias today is for a 10.00 CIT High, down into 11.40 cycle Low+/-30 and perhaps into 1.00 pm Apex CIT LOD, then there is a 68% chance we see a rally into the last hour High at the 3.20 CIT.
Daily channel support is around current prices at 1300-1304 SPX (see chart). Daily Resistance is at 1325 SPX.
A rally above 5 min down channel resistance at 1308 June SP is short term bullish.
Ideally we retest yesterday's lows today, but as we are overdue for a 1-2 bounce, we should see an oversold rally into the 5/20 Lunar Eclipse and 5/21 Solar CIT.