9:26, The SPX is firmly entrenched into the short-term bullish Fib fans now after breaking out of the bearish fans this morning, in order for the SPX to go back to bearish, it would need to break below the last bullish fan at the 1060 level.
9:06, If the failed 5th option is playing out, it is possible the SPX is close to resuming its selling, it has already retraced more then 38%, and a three wave move from the bottom can also be counted as an a-b-c. Still am not 100% comfortable with any of the options at this point, it is just too early and not enough data is available for determining which count would provide the best short-term odds. For now the trend is neutral short-term, bearish long-term.
For now breadth is supporting the "C" wave up, running 10.62:1, advancers, this is VERY strong bullish breadth, the only part missing is volume, but it is still early in the trading day and volume could pick up before the close. A break above 1081.58 would move the short-term trend to bullish as the SPX makes its first minor higher high. This also opens the door to 1131, but there is a lot of resistance to break-thru before that high can be challenged.