The SPX 1263 target from analysis on Wednesday, July 27th was hit today. Because it was 1 day later than anticipated, the white line was lower, and the decline was greater.
A bounce to 1295-1305 is targeted for SPX next. My cycles indicate weakness into August 10th +/- 1 day. That may be a higher low, or Aug 10th may test slightly lower than current levels near approximately 1239.
Most importantly, from my "2007 cycle" analysis, a rally of at least 200 SPX points is anticipated into September.
The following is the "2007 Cycle". The interpretation is that we are currently at, or near, the green arrow with a massive rally to commence shortly.
The chart for Financials is extremely bullish near term. The Financials have been outperforming SPX since July 20th, and are only slightly below the July 18th bottom (contrast with the top 60min SPX chart). The triangle apex, time cycle, and major supports are all indicating a bottom is near for the Financials.
A serious power rally is about to commence for Financials.