They sure are trying to kick out EVERY weak bear this morning. We've come close to blowing out the top of my often noted 1390/95 bearish-stop zone. Those algo-bots sure know their levels.
I have adjusted the count, and now it properly syncs with the daily chart (as noted below). Regardless of the minor waves within the greater wave'2/Bear flag, we should go no higher than where we presently are.
*Bears need a break under the 10MA, currently 1388/89
SP'daily - bearish scenario
As first presented yesterday, this is my current primary daily chart (bearish scenario). If it is a H/S formation, then we're at the top/end of wave'2..and a major drop is imminent.
Clearly, any 'serious money', will have short-stops, equivalent to no higher than around 1395/1405. If we go any higher than that level, then both the weekly/monthly cycles will have turned back bullish, and May could easily ramp - not least with the Facebook IPO due later that month.
Bears MUST see prices start to slip lower today, we have only 3 trading days left of the month, and we need closing levels on the bigger cycles somewhat lower than current levels.