Have a look at the Daily chart of the SPX and notice the Bollinger Bands. After spending months above the “demarcation line” of the middle band, it broke during this little correction. The lower band was tested, pushed lower and then the markets reversed higher. Now we are pushing right back to the Middle band again. My guess is that even with all this “dynamic action”, we will be unable to vault over without the advantage of some time and “normal” ebb and flow. Please review enclosed chart.
Great call on the retracements, you were dead on. Volume was drying up too on the way up which it should if its weak.