The S&P 500 spent all day in a consolidation yesterday closing just above support. That means we should still expect a new high in SPX before this pattern completes.
It started a little rocky right at the open but the S&P 500 got it back together and ran up to and a bit beyond the expected targets for the day. Today, might have a minor consolidation but overall have a bullish bias to test 2814 and perhaps 2826 early next week.
The S&P 500 stayed on plan yesterday as it ran up to 2808 early yesterday and fell apart. The problem is that the drop only appears to be a three wave decline thus far, and thereby prone to a deep retrace if not a new high. Will see if there is any interest in a lower high around 2793 or 2798 today.
The S&P continues to push ahead in what to my way of thinking is in accordance with a third wave move. Prices have moved up to the next harmonic of the Schiff Channel on the weekly chart.
Today is a holiday in the US and will only have a half day of trade which should be muted.