$SPX 60 Minute: Yesterday, I put the following chart up as an alternative view, which is an ABC pattern down.
Note: The most bearish Ewavers have the market in the start of a very major move down. I struggle with that thought for now, but if it's going to happen, a gap down and sell off tomorrow would fit that view. It wouldn't confirm it, but should be expected in structure to support that thought process.
If the market is going to stall as suggested on the 15 minute chart then I have two thoughts for a potential ABC down. Today was the end of B and we push lower into C @ 1,190ish. Or, wave B expands, and today was wave (a) of B. Either view would fit the thought of a pull back from the trend line we jammed against today.
$SPX: What concerns me is the daily MACD is not really turning down, and given the market's dependence on news from Europe, it's possible that more good news could push the market higher, up to the 1,273 to 1,307 area.
$SPX Weekly Non Log: So far, there's nothing bearish on the weekly chart and the weekly time frame could be placing Time Frame Indifference pressure on the small time frames.
IBM: It continues to push higher while holding the uptrend line. It's been market supportive and as long as it continues to climb, it should support the market. MACD is trying to turn up!
My Watch List: I took the day off and let's continue with idea going into the weekend.
I'm not excited about the market at current levels for either the bull or bear trade. I want to see the market show us something a little more definitive in structure. In that thought process, a gap down tomorrow might catch my interest.
Happy Trading.
J.D. Rosendahl, Rosey