E-Wave for the S&P 500 Index

[RCKS]

"....I do think we should keep a close eye on the potential complex flat as a live possibility unless/until bulls right the ship......"

http://www.pretzelcharts.com/

We're probably into "last call for bears" on the bigger, more complex expanded flat down toward 6300. I wouldn't count them out just yet, but we do need to see an impulsive decline before getting too excited about that idea:



Despite the new high in SPX, INDU failed to follow suit:



This failure in INDU gives bears (ironically, perhaps) more hope than they had at the close of last week. So we're seeing a few signs of POTENTIAL weakness, but need a little nuance here: bears can't get too excited without so much as an impulsive decline to their names -- yet, due to the behavior in INDU and NYA (not shown) I do think we should keep a close eye on the potential complex flat as a live possibility unless/until bulls right the ship. Trade safe.