SP 500 Update

       The correction might begun during the yesterdays session. I still think, that we are in 1st minor of (5)th Intermadiate and wait for more significant pullback to label correct. 
There is one main question:  how deep will be the pullback? The well spreaded "flash crash" or just one step back, before the next two steps ahead, which is typical for the bull market. 
4 hour to daily charts show overbought and diverging conditions. 
The current pullback's depth will be very important for the market to show us HIS choise: 
to resume the uptrend, unfolding 2,3,4,5 of (5)th wave short to med term, or deeper retrace  beyond 1173? 

Next support down is the previous top 1226.78. If broken 1219.74 April top and 38.2 Fibonacci level of the current 1st wave is the next support.

Upwards 1246.75 and 1263.15.

Daily close above 1247 will be important buy signal from the current point.

Good luck trading!