Friday updates!!!

BKX which has been the weakest index over the past few months is now hitting a spot on the Fib fans that is providing double resistance, this needs to hold for the bearish case, other-wise BKX is free to run all the way to new highs before encountering any other Fib fan resistance

Click here for a live, and updated chart!!!
7:15, Support from the Fib fan chart is now around the 1200 level for the SPX.

The VIX is heading back down to test support in the 17.76 area, breaking below here would be another sign that the SPX is in a 5th wave up, however, it would not be surprising to see the VIX NOT make a new low, and diverge from the SPX if a major top was being put in on the SPX.

The 20 day MA is back to being support at 1201.31 after the SPX exploded to the upside.

Click here for a live, and updated chart!!!
6:54, After two strong bullish days in a row, the SPX is starting off this morning with a break from the buying after five waves up were put in. Odds are favoring the 5th wave up option because the run-up was impulsive, not corrective which would of supported the case for the SPX to still be in a 4th wave. Indicators are also in over-bought territory on the 60 minutes chart which suggest a pull-back.

Overnight the Dollar sold-off, breaking below the channel line. The 1-2 up option is in deep trouble as the 4th wave entered the 1st, unless the high was another set of 1-2's. Leaving two options on the Dollar a 1-2, i-ii up, or an a-b-c up. Also the Trendfinder is showing a sell that will be confirmed at the close if the Dollar does not reverse ASAP.
There are lots of charts too share this morning, so please check back thru the day.