There's not much to add to yesterday's update. For the near-term, I've attempted to break down SPX -- but quite frankly, it's impossible to say for sure what we're looking at. The chart below shows the conundrum: the rally from the 1635 looks like a correction, but can actually be counted impulsively.
Further complicating the matter is the fact that it's not entirely clear whether we're looking at wave ii/B, or wave (4). The rally retraced almost exactly 38% of the decline, which is more typical of a fourth wave than a second wave. My advice here: keep it simple. Trade the trend lines and the noted support/resistance levels. The wave counts will work themselves out soon enough.
The hourly chart is unchanged from earlier in the week.
In conclusion, there's no material change in the outlook, and I still feel there's more downside coming. With a little luck, the near-term will clarify during this session. Have a great long weekend! And trade safe.
Think that there is probably more upside coming. The lack-luster economy should keep the FED stimulus going as long as uncle Ben is at the helm. Economic fundamentals don't seems to matter to this market one bit. Eventually that will probably change, but for now FED stimulus is king !
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