The SPX hit a new high at 1105.67 today. About 30 minutes ago we broke out of an intraday triangle and have been selling off since then. Possibly an ABC from the top:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQCGziOvEbwqnsnoGiL94q0PZtxZxlRNBcX2S48nhnGm3cG8nr3hnytgXMYvrzDPP-QVT5pJ-zz8pqiHTWhZPullqX8KowX5xYp6GrGZIRpssPM8zdANb1ZrTS4Ii3HlpAr442D96tQBg/s400/s&p50006032010a.jpg)
For the bullish case 1070 must hold, a drop below that level and wave [iii] should be underway.