SPX Update: Bulls Not Out of the Woods Yet (and we all know what lives in the woods...)

Lots of noise but not much else since last update.  Nonetheless, let's put on our Elliott hats and take a deeper look at what we seem to have so far:

Bigger picture, support is still holding -- but so is resistance:

Let's revisit the conclusion from Monday's update one more time, and then I'll add to it at the end:

[T]he bottom line is, from a technical Elliott wave perspective, nothing has happened yet and this could just be a particularly violent fourth wave.  Even from a standard TA perspective, this could just turn out to be an expected test of old long-term resistance (second chart) before the market moves higher again.  In other words:  While this could turn into something more significant, it's tempting but simply premature to assume that will happen just yet.  Let's first see how the market handles the levels that actually matter. 

That said, unless bulls can sustain a breakout over 6723, we do have to respect the three-wave nature of the rally and maybe give a slight edge to bears for the time being.  (Do note that there's also one bear pattern that breaks 6723 briefly before getting ugly, so even 6723 isn't a complete failsafe for bulls.)  Trade safe.