SPX (S & P 500, http://bit.ly/i0nsT) is Probably in Wave 5 Down, since 6-3-10's 1105.67 cycle high, of the Intermediate Term Downcycle since 4-26-10's 1219.80 cycle high (down up down up down pattern), see http://bit.ly/i0nsT. Today's below average SPX volume, at 4.624 Billion Shares vs the 60 day EMA at 4.779 billion shares, indicates that more downside is likely short term, because, volume didn't spike dramatically today.
SPX (S & P 500, http://bit.ly/i0nsT) appears to be in Wave 5 down of the Wave A Downcycle since 6-3-10 (down up down up down pattern), see the five day intra day action candlestick chart http://finance.yahoo.com/q/ta?s=^GSPC&t=5d&l=off&z=l&q=c&p=v&a=fs,w14&c=. So, the Wave A Downcycle since 6-3-10 may bottom tomorrow.
