Today's SPX Cycle High Was Probably a Wave 3 Cycle High

SPX's (S & P 500, http://bit.ly/i0nsT) volume was very light today 6-14-10 (see http://www.google.com/finance?q=INDEXSP:.INX), so, the upcycle since 6-8-10's 1042.17 cycle low (http://finance.yahoo.com/q/ta?s=^GSPC&t=5d&l=off&z=l&q=c&p=v&a=fs,w14&c=) probably didn't peak yet (today's SPX cycle high was probably a Wave 3 cycle high, note the bearish dark/red candle with a spike today at http://bit.ly/i0nsT; the cycle high/bearish dark/red candle on 6-9 with a large spike was probably a Wave 1 cycle high), since dramatic volume spikes usually coincide closely with/confirm important price spikes/inverse spikes (cycle highs/lows). Trading long now, partly due to the BP oil spill situation, is risky. One should keep a close eye on BP now.

The five day SPX Wall of Worry (SPX vs VIX) is very bearish (Wall of Worry collapsed, VIX fell much more than SPX rose in recent days), see http://finance.yahoo.com/q/ta?s=^GSPC&t=5d&l=on&z=l&q=c&p=&a=fs,p12,fs,w14&c=^vix.