Despite $SPX's gain today (+2), all our daily indicators remained in negative configuration. On the hourly charts, we see the end of a short term down wave and the unfolding of a up wave.
Market internals were also negative; for example: 3,328 losers for 2,581 gainers.
Wave 1 of "c" appears to have completed today at a low of 1,676 (not yesterday or Wednesday).
Wave-2 of "c" is underway and should end between 1,690 and 1,693 or so.
After that, if our model is correct, we should see the markets drop impulsively, targeting 1,660 or so.
Interestingly, $SPX made a lower low and then ended higher than yesterday's high; in contrast, ES/ futures also made a lower low, but did not break out above yesterday's high. NASDAQ broke out like $SPX (even more so), whereas DJIA was even with yesterday's high, and the broader Russel 3000 did not breakout above yesterday and the small caps' Russel 2000 index remained well below yesterday's high.
Next: Market will go a bit higher, if that, before it turns impulsively lower.
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