S&P 500

The S%P 500 could not cross the upper band on daily charts and the daily momentum is in sell mode. The last rally to the high is 5 waves and so we could see a near-term correction back to the lower band near 4584. This decline will be wave 2 of 5 long-term as wave 5 [boxed], has just started and this is the first rally inside it. Wave 5 cannot end so soon in my opinion and will take time to develop.