Market Flat and Still Holding Support

Today, the market opened lower, only to push higher in the afternoon session. We are currently trading flat relative to yesterday's close and still holding above support. There really isn’t much to add to yesterday’s update, as we still do not have confirmation that even a local top has been struck.

I will note that the negative divergence developing on the SPX 60-minute MACD has now confirmed, with that indicator rolling over. However, until we see confirmation through a break of support, I cannot say with a high degree of confidence that a top is in.

Additionally, while the Russell 2000 did see some downside follow-through today, we lost the potential for a five-wave move to the downside, making that chart a less reliable signal for a top being struck in the SPX.

So, while the market remains extended and the count is full, we still need to see confirmation through both price and structure before making any firm calls on a top.