8:56, Here are the counts I have going, still hard to tell which one is more likely. One option would have us already topped, and the other option, only the 1st wave finished. Watching for a break below 1085 would confirm the trend has changed to bearish. The TA is currently mixed, some time frames are bullish, and others are bearish.
8:11, Updated Fib fan on the SPX, still with-in the the last bullish Fan, if it breaks below, possible that this rally is over. The fan really helps to confirm trend changes, not always 100% correct as I have seen the price recapture the fan, but when used with EW and other forms of TA becomes a great tool.
7:25, This might of been the biggest head fakes in a long time, after that gap up open, the Bollinger Bands barely budged and are still wound up tight. The action this morning might be just starting.
7:18, Even after opening gap up this morning, the Russell has yet to make a higher high. Also of note is the MACD on this chart, starting to come up onto trendline resistance, with the Histogram already showing negative divergence.
The SPX made a new high this morning before immediately retracing back below the open, and into the red zone in a very impulsive looking wave, ie. straight down, hehe. All while the VIX and the Dollar failed to make new lows!!