The 50 month moving average is the next point of resistance for the SPX, and did contain the hope rally at 1219, presently the level is at 1207, as the 50 month MA is trending down. Also worth noting, the 20 month MA is support!!!
7:46, BKX, had a big break down this morning, it has been running much weaker then the SPX ever since Sept. 20th and is one of the reasons that the number of new 52 week highs have been decreasing as the SPX was moving higher. Over-all this is not a good sign for a sustainable rally when all sectors are not participating.
Click here for a live and updated chart!!!7:23, The SPX needs to stay above 1168.68 (black line) to keep the above count valid, the 4th wave cannot enter the 1st wave.
The VIX is testing the lower trendline of the wedge, if it does break-thru, it would be bullish for the VIX, other-wise it will be just a back-test and leaves the VIX open to making lower lows. 
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