$SPX Daily, 03/11/2014

One day below the rising wedge pattern shouldn't be seen as a bearish signal, although it is a concern. If SPX should close two days below the rising wedge pattern, then that would be a clear red flag signal, but even so, SPX could bounce and resume its uptrend without much trouble. In the meantime, it wouldn't be out of the question for SPX to pull back to the 20MA, now at 1849, and then bounce. This is pretty common occurrence so, at this stage, I would expect SPX to tag the 20MA and bounce. Should SPX drop to the 20MA and not bounce, then that's another story.

Longs need to be hypervigilant for the next several days and, IMHO, they should pay close attention to market leaders, the QQQ/NDX and the $COMPQ.