The market gapped up at the open today. When the SPX hit 1968, around 10am, we upgraded the charts to display the Minor 4 low at SPX 1945. Surprisingly short, (1968-1945), after a 117 point Minor 3. But fourth waves have at times, during this bull market, been short. We are counting Minor 5 underway from that low. We also calculated three overhead resistance areas ahead: 1. the 1973 pivot range (1966-1980), 2. SPX 1989 (M5 = 0.618 M1), and 3. the 2019 pivot range (2012-2026) M5 = M1 and 0.618 M3. Until we get a significant pullback, around 10 points, any one of these three areas could end this uptrend.
Short term support is at is at the 1973 and 1956 pivots, with resistance at SPX 1989 and the 2019 pivot. Short term momentum hit extremely overbought then declined. The short term OEW charts remain positive with the reversal level now SPX 1969. Best to your trading!