8:01 Here is a more bearish count, the 1-2, 1-2 down, this does need a total breakdown in the SPX right now for the iii of 3 wave, and Breadth is not supporting this idea right now, only running 2:1, decliners, but stranger things have happened during the last few weeks, and tomorrow is OPEX, it might be time to tighten those seatbelts for a wild and crazy ride.
7:35, In the larger picture, resistance is now from the black lower channel line where a back-test would be a normal occurrence. Support is now down in the 1270 range from the heavy green channel line and the 20 day MA which is currently at 1271.71. The Indicators are over-sold at this point so a short-term bounce should be expected. Click here for a live, and updated chart!!!