SPX Update

Last update expected a possible test of the 3880s, but the Fed instead caused a fakeout higher first, which again stalled at resistance (second chart).  We may get our test of the 3880s yet, though:

Resistance acted as resistance again:

In conclusion, this market is more fun than a bag of gristle, with the wave pattern still open to multiple interpretations at the moment.  Presently, it looks like it may want to continue lower before coming to its next decision point.  Trade safe.