The transition from bull to bear on the $SPX is underway. It's now fully below the trendline we've been watching.

Today it reached and bounced off of one just below the previous one. These trendlines are 'exponential'.

Fed is pumping, terrified of a collapse, but can't surmount the channel. Here is the $SPX.

In calendar time, you can see the gradual flattening:

At market tops, strong hands sold to weak hands, which was usually the public. Now it's Governments...

This recent top in the $SPX is an outlier. Reflects panic over European Banks, and Chinese new gold window. Pumped.

As $SPX becomes overbought on RSI, a potential wave count shows a possible wave 5 that is Fibonacci 50% of wave 1.

$SPX has now tagged upper long term trendline. As in past tops it sometimes goes slightly above before reversing.

$SPX higher, but unable to hold upper trendline...weakening.

$SPX reaching towards highest of 4 possible long term trendlines @ 2091.

Although the $SPX range for yesterday was MOSTLY beyond support, yesterdays close was still above, so up again. OOPS!

$SPX respecting long term logarithmic time based trendline from the top @ 5/20/2015.

We're now beyond the support trendline (brown) that produced the rally out of the February lows. Rally is now officially over,

Expect sideways to slightly down, price action from here.

I post occasionally on Twitter, handle is @mlytle0

Rally will be declared over, when price action falls completely below the brown trendline shown. Should happen this coming week.