near miss back in August. So that is consistent with a weakening market condition long term.
The previous ZBT near-miss in the summer event took prices from 1904 SPX all the way to 2019 SPX, a 115 point rise.
This current near-miss, which is already diverging, has taken prices from 1820 SPX all the way to 1865 SPX - a 145 point move. Is this a last-gasp effort to keep the underlying rot from falling apart? We shall see.
SPX count sucks but lets roll with it for now. It has retraced almost to wave (ii) of [v]. It will take a close above the key 1970 mark to consider the "downtrend" conquered..