Pressure Remains Up

There is not much more I am able to add to the weekend update, other than what I said earlier today in two Alerts:

Upper support is now designated on the chart.  We will need to break below this upper support to begin looking for at least a wave ii, or potentially even the (c) of (2).  But, the manner in which the market declines will give us a better idea of which is playing out.  And, until we break the upper support, the market can still choose to begin the wave iii of (3) towards 2300.  Market needs to tip its hand this week.

Support levels are 2154, 2145 and the prior all time high at 2134SPX. . .

With support still holding, I think we are setting up to test the 2185SPX region next.  2163 and 2156SPX are the micro upper supports.  If they break, it is the initial signal of a top in place.  Then we have to determine what the decline is based upon the shape it takes on the initial drop.

1turnchart
1turnchart
Avi Gilburt is founder of ElliottWaveTrader.net.