On Tuesday, even though we closed lower, we had another uptrending day for the cash S&P500. At this juncture I continue to believe the odds favor a move below 1384.11 without/before breaking the May 2 high. Such a move would break the “0-b” trendline (in orange on the chart) and point to a downward slide to at least the 1340 level.If the bulls want to keep the rally from March going they must move the market above the May 2 high before the 1384.11 level can be broken. If this can be done we would have to conclude that the shallow decline from May 2 to May 9 was an “x” wave.
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