The trend is still down, until we can make a higher high, and that level is 1114.95, also around the spot that a 50% retracement could take us for the 2nd wave up peak.
Breadth for the day ended at 1.78:1, not bearish by any means, and another sign this sell-off is getting tired, as the divergences on the indicators are now showing.
FWIW, In WSS, I stayed in cash overnight, there is not enough reward to want to go short, when we have major support between 1083, and 1086, only 6 points away, compared with the risk of possibility opening gap up, with the 5th being completed in after hours trading.
8:30, FWIW, I went 25% long in WSS, with a stop at 1095, because the SPX broke above the bearish fan that has been resistance this morning, limited upside, so I only took a small short-term position.
9:33, Update on WSS, I exited the 25% long position, 100% cash now, was able to scalp a few points, but risk not with the reward at this point.
Click here for an updated Fib. fan chart!!!
This is where the Fib fans come in real handy, the SPX is fighting at resistance right now, and if it manages to break upwards, you can get a good idea where the next area of resistance will be.
FWIW, I closed all my shorts in WSS near the low this morning, 100% cash, until I can find an edge.