On the SPX we had a nice red candle printed today with a close at the low of the day. It fits nicely as part of a 4th wave playing out. The open did produce a higher high, and a new high, but never did make a lower low, so the trend is still up.
Levels to watch are now 1123.53 on the lower side, and 1128.78 followed by 1130.38 on the topside. Breaking this levels would confirm the existing trend, or signal a trend change might be starting to play out.
The count I have going still suggests higher highs to come before the wave is wrapped up.
Breadth for the day was 1.04:1 DECLINERS, yes, the first time in a while the decliners led, but not by enough to even think about going short-term bearish with-out other signs or confirmations that things are changing. We would need 2-3 days of follow through before that would happen.
Click here for a look at the updated Fib. fan chart!!!
10:40, It was time to update the Fib. fans with the new high in place, and the SPX is firmly into the bullish fan.