We did make a higher high today, and the micro counts suggest this is about over. I have found multiple ways to count the squiggles, but they all point to this being the final "C" wave of 2 up.
Breadth for the day ended right at the edge of my comfort zone, 3.32:1, advancers. Much higher and that would really cause alarm for the bearish count. The volume was the saving factor for the bearish count, is might turn out to be the lowest volume day since 1144.50 ( the volume numbers have not been updated from the close yet).
In the 30 minute chart above, the indicators are all into over-bought territory,(as well as the 60 minute charts). The Histo-grams are diverging, showing that the upward momentum is really waning and dieing off quickly now. The SPX is also up against Fib fan resistance now. But there is also a gap up at 1085 that might be calling for the SPX to shoot up and fill before getting down to business.
10:09, Here is a chart of the SPY, showing volume that has been steadily decreasing since 1044.50, not something one would expect to see for a sustained rally. The higher the price goes, the lower the number of dip buyers that are willing to jump in on the long side. Buy volume dropping with breadth decreasing is a good sign this will end very soon. This is the same pattern we have seen at every topping action in the last year.
9:35, I added a micro count to the chart now that my confidence has improved enough to make this the most likely count. I really like the symmetry to the count. I am still very worried about breaking through the channel line, but am biting my tongue because of the count and the fact that breadth was only 2.35:1 advancers with low volume that has been declining all morning. I do not see much bullishness under these circumstances.