10:25, After reviewing all the charts and indicators, this is the best short-term count I have come up with. There are a few things that I do not like, including the lack of the 1-2, of the small degree(black), and also that the SPX has already retraced over 62%. My confidence level is low on this count, but I see no better way to label it, bullish or bearish. Click here for a live, and updated chart!!!
The SPX recaptured the shorter-term Fib fan, the SPX still needs to break below that all important level of 1131 for the bears to enjoy their day, technicals are really weak on this rally, but as we saw last year during the hope rally, the SPX can advance on very weak technicals, and when the market does sell-off it is a quick and violent move to the downside. Another reason that trailing stops are a traders best friend.
Up volume is still declining during this rally, not a good sign for the bulls if it continues dropping.
I am still in the process of getting caught up with the all charts and the flow of the market and will update through the day as much as possible!!!