7:57, The daily chart now has the SPX breaking out of the Bollinger bands, a move that normally is quickly reversed. Breadth at this time is running 5.52:1, on what seems to be strong volume for this time of the day.
Here is the new count on the longer-term SPX, there was not much of a change going from an a-b-c up, to the five wave impulse count, because both counts were going to be valid if the SPX made a new high.The Trend Finder did register a 25% bullish signal this morning, I am not going to follow the signal and go long at this time, with yesterday's announcement of QE2 I would rather sit on my hands and wait a couple of days for the market to digest the news before committing to any longer-term trades. Today's move is a result of direct manipulation by the FED that slammed the Dollar hard this morning causing rippling effects through-out the market, commodities are up big this morning as well as equities. Starting a new long position at this time is above my risk tolerance.
7:17, I added annotations to this count from a count I had on the NYSE posted directly below. The new count does make all these corrective waves over the last month make more sense.
7:07, Here is a count I posted last night in the chat room that uses the NYSE because of the clarity of the impulse waves it counts out better then the SPX, which is a total mess. The only question I have on this count is the degree of the red 3-4, it is out of proportion to the red 1-2, but I cannot find another 1-2 in the current rally to go with that red 3-4 so I had to include the previous rally as a 1-2.
7:07, Here is a count I posted last night in the chat room that uses the NYSE because of the clarity of the impulse waves it counts out better then the SPX, which is a total mess. The only question I have on this count is the degree of the red 3-4, it is out of proportion to the red 1-2, but I cannot find another 1-2 in the current rally to go with that red 3-4 so I had to include the previous rally as a 1-2. 
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