Still No Upside Traction

The market will likely close negative again today, still unable to sustain upside for now. Price attempted a rally off the morning and even managed to produce a reasonable looking micro 5 waves up into the afternoon high, but then failed to hold a corrective pullback and a higher low. 

Therefore, there is still no evidence that a new bottom is in place yet following the extension of blue wave 1 of (C) or red wave 5 of (A), which means that the next fib targets at 3553.50 and 3488.50 are still possible to reach before price does put in a more sustainable low. 

At this point, today's high is now the first hurdle for price to clear as minimum evidence of attempting any sort of bottom, until then near-term pressure remains to the downside.

$SPX - Micro - Oct-11 1231 PM (2 hour)
$SPX - Micro - Oct-11 1231 PM (2 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.