Last update discussed the possibility that the high at 4793 was a b-wave, and SPX has since resolved that question in the affirmative. I've added some new discussion of zones to watch to that short-term SPX chart:
Bigger picture, SPX is still contending with the very-long-term resistance line that we've been watching and discussing for the past half a year:
In conclusion, the complex flat discussed on the first chart might be one way for bears to get some near-term action and for bulls to stretch this into a larger fourth wave while they try to build momentum to clear the VLT trend line above. Of course, if that complex flat were to occur, then it would also open the book to more bearish options -- but first things first, and let's see how all this resolves. Trade safe.
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