As I stated last night, if the SPX was able to move above the 840-50 resistance area then it was likely that wave 5 of 3 completed at last Thursday's lows.  While we can't completely rule out another attempt to take minor wave 5 lower the odds now favor the bullish count.  Thus, if the pullback is orderly we will be looking to BUY such a decline.  This decline should unfold in 3 waves down once our near term uptrend is complete (which may have occurred at today's highs).  Pullbacks are always telling so let's watch to see how the next pullback plays out.  If it's reflexive (3 waves) we should consider it corrective and look to BUY such a move.

S&P 500 daily chart

Should we start impulsing down once again then watch SPX 767 and DOW 7695.  If those levels are breached only then could we make a credible argument that minor wave 5 down remains intact.  During the holiday week, trading volume should diminish, which may exacerbate volatility, so be prepared for some wild swings in both directions.  Further, countertrend moves can be dicey and our recent move is a countertrend advance against the prevailing downtrend.  Our long term view remains bearish.