SPX closed right around the neckline which at the moment serves as resistance (Chart 1).
The rise from today's low counts well as a zigzag on the bearish side (Chart 2 red) or a subdividing impulse wave higher on the bullish side (Chart 2 blue). However, the inability to close above the potential base channel offers near term bears an edge for the moment.
US election tomorrow.
Also see Potential Upswing (11/2/12) for additional discussion. Breaking above the neckline and subsequently making a higher high would likely offer confirmation of the proposed upswing.
[310pm] SPX update -
Another attempt at the neckline resistance.
[825am] ES update -
Retesting the recent nominal low and the resulting trendline.
