S&P 500 ~ Pre-Market Warm-Up ~ 23 May 2012

It's still too early to tell whether 1292 was a medium-term low.

Below you can see two possible counts.

If the SPX rallies above yesterday's high the bullish count is most likely underway. As said earlier though I'd like to see a rally above 1340 before turning bullish.

If the SPX declines below last week's low then above count is underway and a fifth wave down (probably to 1260-70) should follow.