If the SPX can break above Tuesday gap, there is a wide range of resistance from many different sources to break thru before it can even test 1131.23 and make a major higher high, moving the longer-term trend to bullish. As of now the short-term trend is neutral after the SPX made a minor higher high when it broke above 1060.07 yesterday. If the SPX can break above today's high, the short-term trend would move the bullish, and if 1039.83 gives, it will be back the bearish.
Breadth for the day ended at 1.81:1, decliners, slightly higher then yesterday's bullish readings, but nothing to write home about.
I still have the rally that started yesterday labeled as a 2nd wave up because the form of the wave fits better as a 2nd, compared to a 4th. I still have the 4th wave option on my radar as having good odds, the 2nd wave option has slightly higher odds in my opinion.
The Trend Finder's short-term signals have been bouncing around today, something that is very unusual as three of them have been showing weak signals for the last couple of days, the longer-term indicators are still all on a sell.
One piece of bad psychological news for the bulls today is the DOW closed beneath 10,000!!!