We hit 1150 today. Yesterday I said this was a possibility, and we did tagged it right on the close today. Now, we did not break 1150.45, but we are just a few ticks away. Basically, if we don't gap down tomorrow, we will most likely end up making new highs. If by some miracle we do end up gapping down tomorrow, the bears will have some hope. Other than that, the bulls are back in control.
I'm going to leave the wave counts alone for today. We are at a very critical point once again. I will update more on the wave counts either tomorrow or over the weekend after I study my charts a little more.
We have some heavy negative divergence on almost all the time frames.
The SPX keeps making new highs, but the MACD is bearish, and the RSI has some screaming negative divergence.
Also on the daily charts we have some divergence.
The Financials are once again leading the way.
The XLF just broke through some resistance. I expect a test of the highs.
So overall, the key number to watch for tomorrow is 1150.45 on the SPX. If we gap down and are down big tomorrow, we could have topped. If 1150 gets taken out, watch for 1156-1158. I will also review over the wave counts and see what I can come up with. Thanks!
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