Tuesday Updates!!!

USO, one of the funds which tracks the Oil market has been in an steady downtrend for the last couple of weeks that is impulsive, it is interesting that back in the beginning of August, the relationship between USO and SPX was very close to the same, USO started selling off hard, while the SPX was flat, then the SPX followed suit and went into a downtrend, it seems that the same thing might be happening now? The two triangles, the Neutral and the Counter-trend Triangle are now very close to equality. Neo-wave does put more emphasis on time then tradition Elliott Wave does.

The SPX managed to close in the green after a day that was mostly spend making lower lows. Very possible that if this is a 2nd wave, it is close to wrapping up as a Double, and maybe even a triple zig-zag with an inside Expanding Triangle before a run for the final wave, which can be labeled as a simple WTF* pattern.
Not much has changed since yesterday's close, the strong(INDU) continue to print new highs and the weak(RUT, TRAN) are still producing new lows with the SPX and the NDX stuck in the middle. the market is just missing a catalyst to breakout, and tonight's speech might just be what it needs tomorrow, a sell-the-news event could do the trick.
Breadth for the day closed at a flat 1.16:1, advancers on light volume, only 1.04B traded on the NYSE. The markets need an increase in Breadth readings for a convincing break-out, bullish or bearish, something that has not happened in the last few days.
Light Sweet Crude continued making lower low on day, I did post a chart earlier this morning after it broke thru support.
1271.26, is the magic number for the bears, breaking below this level would most likely lead to an acceleration in the selling, until then, the odds are for the short-term are break even, bull/bear. Longer-term does have the odds slightly favoring the bears.

The Trend Finder II is updated, with no changes today.
*The WFT pattern was developed and tested during exhaustive research with possibly a beer or two thrown in for good luck in the wee hours of some sleepless nights by Jimmy, an avid reader of Kenny's Technical Analysis Blog, it is the one pattern that covers ALL the missing labels in corrective waves when nothing else seems to work or make sense. This is one pattern every chartist needs in his tool-belt.
-How To Apply Fibonacci Math to Real-World Trading