Bigger picture I have been trying to identify what I think should be a (iv)'th wave low in the S&P 500. Yesterday I thought the pattern would look best with one more little low but that idea was invalidated early in the morning when the market couldn't use 2586 as resist once 2577 was tested. I suppose this could technically still be a fourth wave but looks too large relative to the rest of the formation. To really end this discussion of whether a new low is still viable or not we need to see SPX over the March 29th swing high. Almost made it yesterday, and by looking at the futures, should open just over it this morning. There may be a pause near 2662 SPX but favor higher as long as 2639 SPX holds as support. If they begin to grind over 2662 SPX, be open to a rise to 2691 SPX.
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