Primary count is that (iii) of [c] of Minor 2 is in play. Need a break above 1100 to confirm something for the SPX. The transports and NASDAQ 100 did break their recent pivot high so we do have at least a few indexes that have broken their July 13th highs where 1099 on the SPX resides.
The markets cleared one down trend line and stalled created another.
The other thought is that P is exerting overwhelming social pressures and fear is starting to become more of a prominent emotion that refuses to reach back toward certain comfort levels that occurred during the P rally.
Yet no doubt that these charts help prove that fear has certainly subsided. The CPC 10 day average may be curling back down for a final wave. It would all fit so nicely together if that happened.
My point? It makes sense there would be the same negative divergence on the daily chart. Buy stocks here at your own risk.