My take here is we may be headed higher but there are a lot of mixed signals, for one, I've used the SOX as a leading indicator for awhile, GZ on SI got me to pay more attention to it and today it looks better but it was a contrarian indicator the three previous trading days.
I am standing aside from trading for the most part and just observing so no axe to grind here but I think the market will give back here in this 2800 spx region. Pretzel and others see an ending diagonal concluding and I think that is possible, I can see the bullish scenario where we are in a nest of 1 and 2's about to lift off as well.
So truthfully waiting for the market to tip it's hand a bit more.
here is the SPX daily and the Ending Diagonal view is that we are in the e or 5th wave now with the over throw of the top wedge line. Wave a or 1 started at the April 2 low of 2553.
I do not have the chart labeled for the waves but the wedge is clear from the trend lines shown.
I do think this is possible but I don't from a reality stand point and by that I mean, I can't see what would trigger huge selling right hear.
News 
Market Data 
Discover 
