S&P 500

The S&P 500 is probably pulling back in wave B of a larger advance because the rally from March to April appears like a 5 wave rise on the daily charts. Wave B is subdividing into a-b-c and may develop as a flag or down the channel down to 2760 or the way for a low at 2727. The broader implications of this are that after a correction prices are still likely to move higher.