Friday updates

I finally discovered the secret to the Bulls success over the last few weeks, their Breakfast cereal, financed by you, the taxpayer!!!

The SPX is closing in on the upper corner now, where the Fib line, meets the trendline.

After the close, What happened to the Bears, the SPX just kept heading higher, on low volume for the duration of the day closing very near the high of the day. Obvious, the trend continues as up, as a new high was made. I added a 1-2, with question marks for the 3rd wave of the 5th up, it is very possible that the small correction mid-day was all the bears are going to get for a 2nd wave correction. Monday will be VERY telling for this wave count, and if correct, it should be a bullish day, with the RSI breaking above the trendline to form its peak for the 3rd, of 5th wave. Also possible that the correction was a 4th wave, and I was premature on adding the 1-2 count.
Breadth for the day ended at 2.13:1, advancers on low volume. The other indexes also made new highs today, with the DOW breaking the magic 11,000 level near the close, but the bulls could not hold it for the close.
This rally from 1o44.50 is close to its final highs, as the breadth and volume continue to decline, and more indicators are turning bearish, along with upcoming overhead resistance, it is time to be on guard for a sudden, and sharp sell-off, or at least to tighten up stops on your longs.

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7:26, The SPX is ever so close to making a new high this morning, and is to the point of testing the count I have been carrying for the last few weeks. Momentum is really waning and this could truncate at anytime now. Current breadth readings are only 1.29:1, advancers.
The trend does remain UP, but a break below 1175.12 now would invalidate this count, and make me consider moving the trend to NEUTRAL. At 1170.69, I believe the trend would become short-term DOWN based on the counts. The trend on the RSI does support short-term higher highs on the price action, before it runs into trendline resistance. This impulse wave up from yesterday's low of 1175.12 is close to the point of needing a 2nd wave correction, as five full squiggles can be counted out already to the high this morning.

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7:14, The VIX made a new low this morning at 16.06, final support is at 15.82, MUST hold for any bearish scenarios in the immediate future.
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7:11, The SPX opened higher, and now is pushing on resistance of the Gray Fib fan.