SP/ Dow

Is it over? The dollar is certainly looking good. ( See  McKinsey On Sovereign (De)Leveraging And Untenable Debt Loads  over at Zero Hedge.)  But the SP is so far not exactly displaying impulse wave down characteristics from it's high.

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However it IS possible that the final abc up finished on Tue. at 1147 without being able to print a new high. That is unsatisfying but other indices DID make new highs before retreating, most importantly the Dow. 
While confirmation on an interpretation of an SP failure will have to wait until it overlaps the 1109 point, new lows today on the Dow will certainly support that interpretation. 

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Note the trend line penetration and settle.

BTW, the SP has not had a lower low after making a higher high since July; overlapping 1109 definitely would do that.


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