Nothing has changed in terms of the big picture, as the market continues playing with the current major inflection zone. In terms of the near-term, bears are a wave short of getting their needed impulsive decline (see second chart).
Near-term, this is my best guess as to how the wave breaks down (below). INDU (not shown) counts similarly. During yesterday's session, I expected SPX would probably tag 2970ish before rallying, given that the channel line was there, but it fell about 2 points shy -- which (for everyone's future reference) can signal selling exhaustion and/or heightened buying pressure (everyone is tripping over themselves to get in, so they jump the gun just a hair and buy prior to the market tagging support).
The classic TA chart from Wednesday had value on the way down, but if the decline was just a corrective ABC, will probably not have as much value on the way back up. There's really no such thing as "resistance" in a bull market, except when INSIDE a corrective wave that's trending lower. Once that countertrend move ends, near term resistance vanishes with it. The same thing happens in reverse during a bear market ("no such thing as support, except during near-term countertrends").
In conclusion, bears need another low to get in the game for more than the short-term. From a classic TA standpoint, the next intermediate support/resistance zones (first chart) still appear clear. Trade safe.
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