Please recommend this, so we can get Mark blogging more!!
I am watching this Renko chart for clues to see if we are indeed in wave 3 down, or in a corrective sell-off. The RSI is a great tool for finding 3rd waves and should bury itself if that is what is happening. The other option would be a break of the trendline of resistance on the RSI to the upside, that would make me lean more to the option of a corrective action. The MACD is also a good tell, as long as it keeps showing a sell signal and does not cross the most likely option is the bearish wave 3 down.
SPX is right on the trendline, if the past provides any clues, it would be that a bounce would take place first, before breaking the trendline. I see two different possible outcomes, a 1-2 down(bearish), or a corrective a-b-c down, before another attempt to establish a new high (bullish). The vix is rallying today, and has trendline resistance around 27, currently at 24.28.