SPX is likely completing a five-wave advance from its July 8th low, with momentum befitting a third wave or a C wave (Chart 1). The blue E wave in Chart 2 tracks the current advance well.
Note the divergence among indexes: NDX made a higher high, but MID, RUT and TRAN were relatively weak.
If the market decides to reverse here, SP500 did meet the minimum requirement of the red count in Chart 2, although wave [c] appears too small in both time and price.
[820 am] ES update -
New high in NQ. ES made a brief retest of TL and rebounded, now approaching the next overhead TL. See charts.
