SPX Update

Not much to add since last update.  SPX currently appears to have three waves down from the all-time high, so sustained trade beneath 2912 could suggest an impulsive decline:

The only issue there is that the top isn't clean and could well be a b-wave, in which case an impulsive decline would end the decline instead of being the decline.  In other words, this remains a tricky market wherein we can't yet take anything for granted -- but despite that, an impulsive decline would still help give bears a theoretical edge here.  Trade safe.