Even though the SPX has made higher highs since the 7:18 comment, breadth is not increasing, it has really been decreasing as the early morning has wore on and is now currently running 3.38:1, advancers. This has the markings of a short-term rally that will be soon reversed.
Breadth is currently running 3.71:1, advancers, bullish, but no where near the numbers we have seen in this rally, and when you consider the size of the move in the SPX this morning, breadth is actually weak.
We got the pop for a 5th wave this morning putting the indicators back into over-bought conditions on the shorter-term time frames. The next sell-off must be impulsive to even think that a top was in. The Trendfinder is on the verge of showing a bullish signal this morning.