100 Points Over Support

With the market seemingly rather quiet today, I want to remind you that we are still 100 points over the initial support I noted in the weekend update residing in the 6080-6095SPX region.  And, until the market takes that support out, the bulls are still fully in control

Even though I have noted that we are still well over support, I am going to highlight yet again that this is a very stretched and full count.  While a catalysts is certainly not necessary, I would suggest that you be ready for what can be a very aggressive reversal, as that is often seen when the market stretches one way or another.  And, by most perspectives, this is a stretched market right now.

Once the market does eventually break out upper support, we can begin to analyze the nature of that decline.  But, I think it will be more prudent to wait for the more important break of the 5920SPX support level before we can make any higher probability assessment about the decline structure.