First, a few tidbits and thoughts:
(1) Very interesting...the MACD still is not flashing any buy signals on the daily chart even after all this upmove the past 5 days...its not infallible, just one tool, yet interesting. thats macd daily not hourly...for mid term trend.
(2) The Last move the V produced 62% 976--1012---1034
(3) This current V projects from 1040 (62%) to 1080 (78%)
(4) The initial upmove suggests 1039....exactly where the SPX stalled! Maybe it's the top or at least time to retrace.
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Ok, now here are both the Bullish and Bearish charts below.
I will go out on a limb. I think the SPX heads DOWN from here, or at most the SPX hits 1053 and then heads down to 1007 if 1027 breaks. Depending on whether 1007 holds, it could go lower. I don't know what day(s) this will happen on, but those are the most likely pivots and scenario, until the charts change. Also looking at DOW 9723.
Bullish: The SPX DAILY chart below suggests 1059 to 1071 IF 1039 is pierced and holds over 1022. The projection on the right suggests a move to 1059 -- 1071 is possible this week, in 2-3 days, without a pullback below 1022.
These 2 charts (one image below with 2 charts) both suggest that the SPX has gone "far enough" and they suggest that "it's time" for the SPX to make a retracement. The charts suggest that a pullback should happen "now", even IF the SPX is still bullish on the way to 1085, that it should pull back and then go for the 1050/ 1085 / 1100. The charts suggest this because the SPX hit 79% Fib extension from 666.79 low (first chart) AND the SPX also hit 161% Fib extension from the July 17 upmove (chart 2 on the left side)
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