Momentum Seems To Be Waning

As the market continues to make new highs, the overall momentum seems to be waning, as evidenced by the drop in the angle of ascent of late.  This seems to have caused price to be peeking out from the uptrend channel created during this rally from the wave (iv) low, as seen on the 5-minute SPX chart.   Yet, we are a bit short of the 4.00 extension as soon on the 60-minute chart.

Yet, the only thing that has really changed from yesterday is the fact that we are starting to seemingly break the uptrend channel I just noted.  Otherwise, there really is not much more I am able to add to the analysis at this time.

 We are still well above the 7500SPX initial support on the 5-minunte SPX chart, so we have no indication of any top being struck, and the market can continue to grind higher to our next target overhead.  And, in order to signal some form of top, we need to beak 7500SPX, with a follow-through below 7389SPX making it likely that the pullback is in progress.  

Also, keep in mind that the minimal target I would usually expect for the (a) wave is the .236 retracement of the entire recent rally (7330SPX), whereas the standard expectation is usually the .382 retracement (7135SPX).  That is what is being represented by the (a) wave box on the 5-minute SPX chart.