SPX had an outside day reversal to the downside which is negative. It opened very mildly higher and quickly reached the high of the day at 1157 before 7.am and started falling of the cliff and made a low of 1136 little after 9.00 and made a 50% recovery to 1146 and settled at three quarters of the decline at 1141. This kind of action does not sound bullish at all. Yesterday was inside day so it made it easier to be an outside day (small bar big bar) but the closing at 1141 is the lowest for the week. I am reposting three of the charts from yesterday with updated data. They all have met the resistance lines and retraced back. The daily top left hit the top line of the channel. The hourly looks like the Starbucks meeting is over and the proposal to go higher has been turned down and lastly RUT has also turned back after meeting the top line of the channel. This is what I was expecting to see. Now if the analysis holds without going into detail calculation I should see 1070 and will reevaluate at that point. If I see a 1158 that would be bullish. Lets hope not. I am bearish. Once again unless spx takes out some key numbers first at 1100 then 1070 then 1050 and 1010 I am not turning into a full bear calling for the end to this recovery from 1010 yet.