After the close, We never had any follow thru with increased breadth or volume today so I am keeping the Neutral stance on the trend. I did add three of the most likely options to the chart above that I have been watching for the last couple of days.The First, is this is still part of the 4th wave (green), and we have been in the "C" wave for the last two days, the momentum and volume supports this as a very possible option. Second, is the the green wave 4 is over and the corrective wave structures from 1052.88 have been part of an ending diagonal, with the first wave up completed, and the third is we have a top in, and are in the process of building a leading diagonal for the 1st wave down. At this point I am not favoring one over the other. It will be a busy week-end and I plan on posting lots of charts thru-out, including some of the longer term charts of the SPX and the RUT.
Breadth for the day ended at 1.03:1 on average volume, pretty flat day all in all.
10:41, The SPX has got dangerously close to breaking the trend/channel line from the 1144.50 low and is still busy tracing out corrective waves that are over-lapping. Breadth is currently running 1.09:1, decliners, and that does not really qualify as a follow-thru move to yesterdays sell-off. I still have no micro-count for the 5th wave I am comfortable with to post, just too many options are available right now.
Click here for an updated real time chart!!!7:25, So far this morning there has been NO follow-thru to yesterdays bearish move.
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