Nothing much has changed as far as the near-term competing bull/bear counts.
Bull Count. SPX must get above the previous breakdown resistance of 1388-1391, hold as support, then move higher. Jury is out.
Bear Count. Just a big fancy wave (ii) flat. A big, circuitous consolidation for a huge move to the downside. Well, thats a possibility anyways. If the market cannot regain resistance, then I don't see why not. They will run out of dip buyers. But, the market has to break support to be a wave (iii) down.
At least in the bears' favor is that the only time bigger volume seems to come into the market is when there are decisive downside moves.
I favor the wave (ii) flat pattern. The gap up today was huge on the SPY and I tend to think if the market requires it to be closed it will just keep on selling.
And the SPX again could not quite close over the 1388-1391 level. It closed at 1390.72. Yes again, we quibble.
