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I keep saying it - CCI divergences are gold.
What I didn't say - when outlining the 1190-1200 target for this (perfectly predicted) bounce - was that the target referred primarily to the S&P500 futures, which hit 1190 about three minutes ago.
As this bounce continues, obviously the 'spot' (cash) S&P will also get through 1190, and both will probably make it to 1200, too. However neither of those last two things (spot getting through 1190, futures andspot getting through 1200) will happen today.
On a divergence-related note, there was an intraday selling divergence that occurred when the S&P futures first touched 1189 (just before 2:15 a.m. our time); the resulting pullback took the futures down to 1182.50 - which coincided exactly with one of the moving averages I have mentioned before (I use 13 and 21-period MAs at all times).
