It's been a solid week of hits for the updates, with Wednesday's decline capturing the broader expectations of black bull:c, which I had noted I was favoring one way or another (technically the decline fell 2 points shy of the official 2790-2800 target, but close enough for government work).
As also warned, SPX bounced strongly from that zone, and has finally now tested the 2850 upside zone, which was also something I mentioned I'd be watching for this week. So the market is now sitting in the bounds of a pretty important inflection zone:
In conclusion, both the bull and bear counts anticipated a decline toward black bull: c, so things do get a little less easy now. The near-term pattern on SPX leads me to suspect that we'll head in the downward direction early in the session, but it remains to be seen how bulls will react to that. Overall, I'm slightly inclined to continue favoring the bears as long as the all-time high holds, but this is an inflection point, so stay nimble, and trade safe.
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