Market Trades Flat and Remains Above Support

The market has traded flat most of the day and is well over support.  As Avi noted yesterday, although we are over the previous high, we are still counting this as a wave b in expanded form. We will need to see a full five wave move down off of the highs followed by a break of support to give us a signal that we have indeed topped. Unless and until that occurs, we still can see this grind a bit higher before any significant top is seen, but for now the b wave topping count remains the primary count into the end of the day. 

I am watching two key support levels to give us a signal that we may have put in a top. The first support comes in at the 5286-5269 zone. Moving under this level would give us a very early signal that we may have put in a top as it would break the alternate micro count as shown in blue on the charts. We still, however, would need to see a break back under the 5223-5182 zone to give us further confirmation that we have indeed put in a top. Both of these would need to be followed up with a full five down off of the highs to give us final confirmation that a top is indeed in place and we are heading lower in the wave c down. 

So, again, we are now over the previous high, and the wave counts remain unchanged for the time being.  That being said, until we see a break of some key support levels this market can continue to grind higher before any top is indeed seen. For now, however, with a potentially full count on the larger timeframes, I will remain cautious in this region.