Impulsive rally (almost)

The sideways consolidation following this morning's high is a bullish continuation pattern until proven otherwise. It fits as a 4th wave correction in the rally from last Thursday and should be followed by a 5th wave higher, which for SPX would equal the 1st wave at 2473. It would test the August 9th bounce high near 2474 so the 2473-2474 area makes a good target and resistance. A 5-wave move up from last Thursday, assuming we'll get it, will set the trend back to the upside (collective groan from the bears) so a pullback following the 5-wave move up would be a buying opportunity for another leg up to another new high (and potentially, finally, the last one). A failure to get another minor push higher tomorrow morning would be potentially bearish.

SPX 30-min chart