7:46, The SPX is once again back in the least bullish part of the gray Fib fan, a break down and out of this fan opens the door to a larger sell-off with next support down around the 1150 level from the long-term bullish fan.
7:15, The SPX opened flat, then proceeded to sell-off, currently down 6 points. Channel line support is at the 1195 level, and the 20 day MA is at 1191.45. For the squiggles, a break below 1195.89 would confirm a 5th wave was in, because the 4th wave cannot enter the price territory of the 1st. So far the VIX has not confirmed a strong sell-off, and is only up 3.77%. Breadth is currently running 2.39:1, again not indicating a strong sell-off just yet.