As I pointed out earlier, the SPX exactly tagged the upper trendline of the channel that we have been following, and logically pulled back from that trendline - there was also strong negative divergence in place as you can see via the MACD. Currently the SPX has pulled all the way back to the lower trendline of the channel which is support, however will it hold?
The second chart shows a shorter term 30 min chart, this uptrend line was broken first.
The third chart shows our wave count that I discussed yesterday, with today's pullback it looks like the wave 4 has finally begun. One initial target would be the last wave 4, which is in the 1648 - 1650 range.
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