Today is my birthday and the family is taking me out for dinner, etc. so tonight's update will be brief. 

I see a possible ascending triangle on the SPX forming that would measure up to about 1250 on a thrust higher. This 'may' complete the advance so keep that in mind and I would not recommend chasing stocks once the SPX approaches that target.  My advice is to continue to play the best setups in accordance with your objectives and to take profits along the way - especially since the SPX is nearing some objective targets.  Remember the old inverse head and shoulders pattern that measure to about 1250?  Well this last pop would achieve that pattern's objective.  

Alternatively, the bounce is a wave (b) with wave (c) taking it back down to test the 1219 area.  The SPX closed above 1229 today (for the first time) so the first scenario is certainly favored.  While there are other scenarios, those are what I favor as of today.  The market is dynamic and subject to change so always keep and open mind while respecting the prevailing trend.