Elliott Wave Update ~ 10 May 2012

The all-hours futures paints a picture. The waves area choppy and uninspiring and looks like a "pause" to the downside.

 So far that pesky neckline has held as resistance.

Certainly the market is not oversold at any extreme level technically nor sentiment-wise.

SPX daily. 1343 - 1357 is important resistance/support. If the market fails to regain it, I don't see what will keep it from declining rapidly to at least 1292 and perhaps the 200 DMA at 1277