Breadth for the day was only 1.50:1, again on low volume. Seeing the breadth and volume so low does not confirm any new bullish moves from yesterdays rally. The MACD and the RSI on the charts are also diverging negatively, making lower highs, as the SPX was making higher highs, a bearish sign.
Levels on the downside are 1130.13 and 1115.10 for signs of a changing trend. Currently the trend is still up, as we keep making new highs, but I believe the bulls time is about up based on the TA.
On the counts, I still am not comfortable with any of them. There are just too many broken rules and broken guidelines with the size of the waves that are too far out of proportion to have any confidence on any of the short-term counts.
9:48, The SPX has no more room left on the up-side without breaking through two very important trendlines, notice the trendlines on the indicators, same story, Do or Die time for the bulls!!!
9:45, The Bollinger Bands are starting to tighten up again.
7:12, The Fib fans did provide some resistance this morning, now there is more downside availible, then upside.