The cash S&P500 formed a downtrending price bar Wednesday as the L1 Beta pulse continues to unfold. From a timing perspective Beta has a 72% chance of completing by the end of today, so it is time to watch for a bounce. Whether that bounce can reach for new highs or not will tell us a lot about whether the bull run from March 6 is truly ended.
The first support level beneath the market is at 878. Below that 868-870; this encompasses the 23.6% Fib retracement and old TDST resistance. 870 is also in opposition to the 930 high. Then note the medium moving average at about 860 and the TDST support line at 847.
Even if the move up from March 6 eventually goes to new highs we have additional evidence that the first swing has topped -- the fact that yesterday closed at a level less than the close 7 bars ago. This is a TD Wave technique. The experimental trade position remains short from 897.34; stop & reverse at 930.17.
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