SPX Update: More Like It

More lagging "leading" fundamental indicators were announced as ugly yesterday, and the market reacted.  I suspect this will continue to happen as stocks get caught up with bonds ("smart money" -- but not smart enough to get out of bonds back in December, apparently):

(NOTE:  Typo:  T1 should have a 42 handle, not a 43 handle; 4275-85)

Bigger picture, the idea of a retest/break of 4114 probably has the edge:

In conclusion, yesterday's decline behaved more in line with the previously-projected wave counts, so we'll see how this goes.  Trade safe.