S&P 500

The hourly chart of S&P 500 shows the three wave decline marked as A-B-C in the recent panic which means that the sell-off is a corrective pattern. The rise yesterday now looks like a small impulse wave which means that the trend is up for the short-term. This five wave advance could either be the start of a larger upward move or simply wave a of 'a' corrective advance. We will need more evidence for a final conclusion on the eventual markings, but we could see higher highs near term.