E-Wave for the S&P 500 Index

[RCKS]

"....bears still have a chance to turn things, but as of this moment, don't have any clear impulsive declines to confirm that's anything more than a "chance" yet...."

http://www.pretzelcharts.com/

Last update noted that the market was showing some early warning signs of potential weakness and SPX drifted about 35 points lower since then -- while INDU has remained stuck below key resistance, as it has for a week and a half now:



Of minor mention: I drew a new uptrend line after SPX broke the green channel, and SPX has now broken that, too:



Given the market hasn't really gone anywhere, there's just nothing new to add to the prior update. In short: bears still have a chance to turn things, but as of this moment, don't have any clear impulsive declines to confirm that's anything more than a "chance" yet.
Near-term, it's worth being alert to the potential of a more complex (very near-term) flat, which could play out as a drop into the 7010-38 zone, followed by a bounce back to new highs... so, in the event the market declines from here, that would be the first inflection zone. Trade safe.