Breadth ended at only 1.89:1, advancers, definitely not high enough to consider today's rally very bullish in the short-term.
The SPX did make a lower low this morning but closed above the 20 day MA which was at 1069.29. The 50 day is still resistance up at 1089.09 as is the trendline that is coming down from the high made in late April. Support is still the 20 day MA with a break below 1058.24 making another major short-term lower low, with the biggie down at 1010.91, where the SPX would make a new low for the year.
The trend does remain bearish for the short-term, but the SPX could still make it back close to the 1100 range in a 2nd wave, although that would be very unlikely. The most likely spot would be in the 1075-80 range, which is in the 38- 50% retracement range, with the 62% near 1085 nearing the far end of the range that would keep the odds in favor of a 2nd wave.
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