#S&P500: Daily Close Above 1515 Puts 1528-1535 Target In Play

US stocks opened higher after a rally on S&P Futures that was supported by a better than expected trade balance figures from the US (-38.5B vs. -45.7Bexp). S&P500 is at the highs and we need to respect the current price action, so we think that complex wave four which was unfolding for the past few days is complete. We however still want to see daily close price above 1515 today, but our focus however, will be a five wave rally towards 1528-1535 region next week. Any short-term retracement could look for the support at 1508. We are looking higher as long as short-term invalidation level remains in place at 1498!