SPX Update: One for da Bullz

Last update, we discussed the downside inflection that had been reached, and not much has changed since then, as the market continued to hold that inflection.  For reference sake, I did draw up a chart to show the potential intermediate bull count:

[note the typo on the chart below:  "restetsstestsershonish" (or whatever it says) should be "retests"]

Here's a quick repeat of the inflection zone chart published last update, as it shows why last week's low is important for bears to claim:

So far, SPX is working on three up... whether that three up will become impulsive or not remains to be seen.  If it does become impulsive, then we'll have to give additional weight to the bull count -- though the expanded flat mentioned on Friday will still be on the table (more on that if/when it become appropriate).  Trade safe.