http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p38955316076&a=266398464

Early in the morning today (Wednesday) the ratio of down stocks to up stocks was 30-1.  Volume was excessive, as may be seen from the volume bar.  Price was down in the -500 range in the Dow.  As may be seen from today’s bar (long lower shadow) price recovered more than half.  It looked like a climactic reversal day to us.

With such provocation we put on a small UPRO trade.  In all likelihood a very short term scalp attempt.  Not recommended  — definitely — for readers.  Though it could be the beginning of a b wave.

http://stockcharts.com/h-sc/ui?s=%24SPX&p=W&yr=3&mn=0&dy=0&id=p20137649611&a=432305978

Price has left the box on the downside, right on the support line.  We should know shortly whether this is a serious downtrend or not.