The correction seems to be here! Another day on the downside and EMAs are giving a bearish crossing on two hour chart. We've seen EMAs crossing before and the market refused to correct but this time bears also managed to push SPX slightly bellow SMA 50, an event that didn't occur during the 5 months rally.
SPX broke bellow support levels on both daily and weekly chart. In general, the most valuable support levels are those seen on weekly chart. Unless tomorrow is going to be a very bullish day I think this is the beginning of the highly anticipated correction.
It will be really annoying to get the third whip-saw in the row during this rally. While a whip-saw is not impossible, I think won't be the case this time. Bulls should not be too upset if a correction happens here. They are in control on longer time frames and corrections are followed by powerful rallies.
All the best!
babaro
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