Market In A Holding Pattern

Today we saw the market open flat and stay flat most of the day so there really is not too much I can add to the previous analysis. I will note that the high consolidation today is supportive of seeing the market continue to push higher filling out the purple count before seeing any significant drop. So as long as we remain over support the near-term pressure will remain up. 

Drilling down to the 10min SPX chart the key support level that I will be watching this week is going to come in at the 6004 low that was struck last week. As long as that level holds we should continue to see this push higher to finish off the wave c of the larger wave v higher. It does look like that wave c may take the form of an Ending Diagonal, however, it certainly is possible for it to follow through as an impulsive wave structure if we see continued direct follow-through toward the 6224-6300 region. I will allow the pattern do develop a bit more before making a final determination but again as of right now as long as we remain over support the near-term pressure will remain up

Bigger picture there is really not too much I can add to the weekend analysis and while the green count is currently on life support it has not officially been invalidated just yet so I will leave it on the charts for the time being.