Irresistable Force vs Immovable Object

Well, it should be an interesting day today. So much so that as I start to write this I'm wondering how out of date this post will be by the time I publish it. I will therefore try to keep the commentary short!

Firstly the SPX daily chart which shows very well why last week's top was the obvious interim top. The key trendline is the rising trendline that has marked the last four (arguably five) important interim tops:

In terms of the last wave up we have reached the downside target that I gave yesterday and are testing it. If it is broken with confidence then there is little below it in terms of support for quite a while, and in my view the interim top last Thursday will be confirmed:

Here's a close-up view of the same chart:

This support level corresponds to a support level on ES at 1187.9 that I was looking at this morning & was mentioning at slope as the key support level in my view. It is being tested as I write but has not yet broken:

A key thing to watch here is EURUSD which is showing a lot of weakness today. A major support break on EURUSD may well coincide with a similar break on SPX: