S&P 500

The S&P 500 was down yesterday however the decline should not amount to a trend reversal because the rally from the  December low did not complete a five wave advance. It is also short of achieving equality to the 1st wave. What the pullbacks have done however is bring the RSI indicator out of the overbought zone as a drop from 78 to 68. Doing so it creates more room to continue on the upside.