While more of a drop is certainly possible as the Sharp Drop Alert runs through end of day tomorrow, the SDA is considered fulfilled with a 60+ point drop from today's SPX high.
As was said previously, the mood pattern for Sunday often accompanies serious or disruptive events-- unfortunately, Sunday evening, such an event was seen at a Christmas parade in Wisconsin. Very sad thing to see.
The overall market trend remains strongly bullish. There is no daily MMI directional call for tomorrow. MMI for Wednesday is the same direction that Tuesday closes.
Sharp Drop Alert: There is a sharp drop alert through Tuesday. These usually accompany EW c waves and point to an added risk for moves in excess of what has been the recent average daily move down (most often between 1-3% when a daily sharp drop does occur). They are not sell signals, but caution that conditions are right for a possible sharp drop to occur -- i.e. take any necessary precautions.
Note: MMI 2 uses an alternate dynamic algorithm to convert the same sentiment source data to S&P direction as the original MMI algorithm.