Chart Prepared by Jamie Saettele, CMT
-The last update noted that “weakness from the July high isn’t impulsive (but could be motive), which leaves the wave picture unclear. Pay attention to the rising trendline just below price. Weakness below would be the best signal yet that a breakdown is underway. Downward slope is defined by the December-January trendline (there now) and also serves as the bearish invalidation level.” The index surged through trendline resistance today so focus is towards an estimated channel top just above 99.00.