7:14, The SPX could have a top in, and a break below 1114.63 would confirm that. With this count the SPX would have a finished five waves up to complete the "C" wave of 2 up. The MACD and RSI never made a higher high this morning as the price action did, again another divergence that suggest the rally is waning.
7:02, The SPX opened gap up, then quickly reversed after making a higher high and recaptured the Bollinger bands with a gap down on the 5 minute chart. This smells like a head fake instead of a bullish move. The Russell did not make a higher high, and the VIX never made a lower low to confirm a bullish move.