Signals

Short term signal: DOWN - it will turn up above 1800
Intermediate term signal: DOWN - it will turn up above 1800
Comment: I think a pullback has begun. The move looks like an impulse for now....
Double POMO today and the market is selling all day... all of a sudden it does not work???

Watch price behavior for clues:
- intermediate term top - at least two consecutive down days of strong selling breaking bellow 1775.
- bullish moves continue higher - any pullback should stay above 1775.

Levels to watch SP500:
- 1745-1740 - minor support
- 1715-1730 - important support

It looks like an impulse to me.... Which means expect more downside. Target for wave 5 if the count is right around 1787 where MA20 is on the daily chart, than rebound - should stay bellow 1810.
UPDATE - I think wave 3(or 5) has just finished with ending diagonal touching 1787...

If this plays out, it will be technical analysis in all it's beauty:)