http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p83257770514&a=266398464

The pyrotechnics of Thursday and Friday might obscure what is going on.  But we should look at those days just briefly.  Thursday was a day of professional panic.  The pros thought that the Putin phollies might bring the market down.  The fact they didn’t testifies to the strength of the market, as does the snap back on Friday.

Meanwhile this bungee jumping took place within (what is now clear) is a sidewave.  This wave is 13 days long now and in our opinion is serving the function of a correcton or downwave.  When price clears the recent high and shows signs of strength we will add on to our SPX position.