10.40 am update
Market can't be more bearish than this:
1. Break down the lower line of the Rising Wedge (purple) plus
2. Break down the lower line of the Falling Wedge (white)
A small hope for bulls is a consolidation at 1326.20, the 38.2% Fib.
To me however this 1326.20 will be broken eventually, maybe not today but tomorrow
When I watched more closely into the 15min chart, I found that the price evolution from 1374.81 to 1346.65 can be counted as a 5-wave impulsive pattern which finished impulsive wave (1). After 1346.65, I see a clear a-b-c corrective to form wave (2). This slightly changes from my chart posted yesterday.
As noted in the chart today, we may be in the wave iii within wave (3). The important thing to remember is "three" within/of/inside "three" is the most sorrowful/excited stage of market action.
If wave iii is the case (I need to see a lower-low than 1333.25 and a red-day today), I expect it to end at around 1303.xx meanwhile the mother wave (3) would end at around 1287.xx.
SPX daily indicators
3/4 indicators confirmed a down trend began. MACD needs a red day today to confirm. After MACD bearish crossover happens, we may be staying in bear market for months.
Visitors my like to have a look at the tab "SPX Medium Term" of this blog.