The cash S&P500 formed a down trending price bar on the daily chart yesterday after perfecting a TD Sell Setup on Monday. We continue on day 11 out of the required 13 for a Sequential and/or Combo sell. Additionally the Level 1 price pulse Beta - X trend line sits at 1091.62 today. We fell below this trend line during the session yesterday but clawed back above it by the close. Any closing value below that line is a warning signal that the whole structure is weakening.Working Road Map: With momentum indicators failing and the Elliott Wave count showing a possible Zigzag nearing completion, I think risk of a reversal is too high to be going long now. Still neutral (since October 9th). Here is my best guess for the end to this bull run: A decline has started to satisfy the TD Sell Setup. It may very well break the Beta-X trend line but should hold above 1066.71. This will be followed by a final push up that will conclude no later than November 6 and fail to break above 1108.
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