The sell-off yesterday was a pretty clean five wave impulse down, that could be counted as wave 1 or A. The SPX looks to be back-testing the trendline.
10:07, I was not expecting the Bollinger bands to start tighting as quick as they have this morning!!!
7:49, This is something I just wanted to throw out there, the possibility that with yesterdays impulse wave down, it could be labeled as wave 1 down, with the 2nd wave up being drawn out this morning. On the Russell this 2nd wave retraced much further then the SPX, which only retraced 38.2%. The Technicals are oversold on the 60 minute chart, so they are not confirming that for now. I still have not figured out how that would fit into the larger picture yet.