No change from the last update: It still appears bears have control for now. That can always change, of course, but for the moment it appears the most reasonable question is whether bulls can muster a bit more of a reaction bounce before the next leg down kicks off. There are enough waves for a complete corrective rally already, if the market wants:
In conclusion, bears continue to hold the edge for now. If B/2 completed yesterday, then we would expect SPX to head toward a first target in the mid-2820's, with a shot at a second target in the mid-2780's. Those target levels would change (higher) if SPX manages to bounce higher for a more complex corrective B/2. Continue to keep in mind that in the event the much larger B-wave completed at the recent all-time-high (still uncertain), then SPX is ultimately headed toward the low 2500's before it's said and done. Trade safe.
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