SPX Daily Chart - 23 Feb 2011

     The pullback in the cash SP500 has now turned the weekly price pulse trend downwards. We would have to close the week at less than 1276.34 to turn that chart negative.
     Yesterday's low was at the wave 2/4 trendline (in orange) which was objective #1 mentioned yesterday, The price action was also enough to deem the recent high as Wave 5 in an impulse pattern that began at the July low.
     Bottom Line: The daily chart is bearish and my so called "Timeframe Mix" is now at +75%. This value ranges from 0 to 100 and gives me a long-term cash allocation guideline as to high to view the equity markets. Let's see if we get a bounce from the 2/4 trendline and medium-term moving average (dark blue) lines. If not the next target is the TDST Support line in dashed green labeled as objective #2.