SPX daily indicators
RSI is still bullish. Stochastics, MACD and DI+ showed a top. Stochastics is about to cross down the signal line the same as DI+ is about to cross down the DI-.
These reading issued a warning sign to bulls.
The price fell sharply (2.23%) yesterday, took away more than 62% of the rise from 1306.62 to 1363.46. Not only crossed down the neck-line of the H&S model, it also deeply crossed down the rising wedge - violet lines. That seems to say the trend might had changed and the ABC counter trend rally might had finished with C printed it's value at 1363.46 on 6/19/12.
A rebound if any will face resistances [1335 -1336] the confluence of the 50% of wave C and the neck-line of the failed H&S model. The next very strong resistance will be 1346 - the 50days MA.
Yesterday's price fall below 1335.52 would be a nullification of my alternative attempt to count the rise since 6/4/12 as impulsive.