Probably that the index is in the forming its final corrective wave (C) of the Elliott wave correction pattern ABC.

SPX daily
Probably that the index is in the forming its final corrective wave (C) of the Elliott wave correction pattern ABC that I symbol (A)(B)(C).
For the size and time duration of the correction forecast, please visit the Tab "SPX medium term".


SPX 30min
A bounce if any today is extending from the yesterday's intraday-bounce would face a resistance at 1322.06 being the 23.6% retracement of 1363.46 to 1309.27. A next resistance will be the low of  6/21/12 at 1324.41.
On the downside, a fall today would find a support at 1303.xx be the confluence of 61.8% retracement of wave (B) and 23.6% retracement of wave (A).