S&P 500 ~ Intraday ~ 19 October 2012

As mentioned yesterday, a decline below 1454 would be bearish short-term and we could decline to 1430ish again.

Since 1430 is pretty far away,  I was looking for some targets which are nearer and I found the open gap at 1440ish:

So, if the SPX stays below 1454, we might close the open gap at 1440 and probably even decline to 1430 again. Else, if 1454 is breached again, a rally to 1470 should follow.