There really is not much for me to add to the detailed update I provided yesterday, so I would like to repost something I presented in an alert today:
"As I will be getting ready to go on vacation starting tonight, I am going to be taking a bit of a step back today, and presenting the market from a bigger picture perspective.
While I have been trying to track the current consolidation in SPX/ES as a micro 2nd wave, I think the evidence points towards it being a 4th wave consolidation, with a higher high to come completing the rally off the low struck in early January.
Again, both the IWM and the SPX suggest we can then see a period of risk-off, with the question still being if that risk-off will represent wave 2 of  or if it still can be wave . Once this current move tops, I am sure Mike will present the retracement levels for a potential wave 2. Should we break below the .618, then probabilities significantly increase that we are dealing with wave . But, as long as we remain over that support - yet to be determined - I will view it as a more immediate and bullish 1-2 structure in SPX, whereas the IWM will likely be in wave 4 of . This means I still maintain an expectation that the SPX can outperform the IWM until it catches up in its wave degree.
So, for now, I would like to see one more push higher before we see a risk-off period - which can start off with a sharp drop.
Lastly, keep in mind that once we do top, the next time we move over that high will slam the door on where wave  resides and make it clear we are in wave  in the SPX"We still have the minimum target of 3855SPX for a potential wave 1 of . So, ideally, as long as we remain over 3750ES, I am still looking for that region to be struck before we see our next pullback.
Have a good evening.