Above is a daily S&P cash chart showing an ascending trendline that is key for the bullish case. A strong break and close beneath this trendline will be a very strong indicator that the big wave 3 was underway. Today, that level crosses at about 1005 and will increase slightly every day. So let's wait for a break of this level and see the accompanying structure before we confirm a wave 2 (or B) top in the stock market has occurred.
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