The first chart shows that a quagmire of possibilities going on. My primary count still has the market "correcting" in a Minor B of (Z) of . But I am not married to that idea. See my SPX 60 minute charts for the best possibilities perhaps.
The biggest thing to look for is sentiment extremes as I mentioned a few weeks back. I don't know if we are there.
But all in all there is a lot of goofy market behavior going on. Today's opening produced a mammoth advance/decline volume ratio spike that went over 60:1 up volume in the opening minute. By the end of the day it was of course a slightly more ordinary number of 4.67.
The news was "good" today and yet the market sunk all day after this good news (housing). The DOW made a new high but nothing else did so that is bearish divergence.
Things are starting to hit extreme behavior if I were to venture a guess. Gold is forever up and away (and I imagine it may run some more), and dollar-watching has now become a spectator sport...
We live in strange times when pummeling your currency is touted as market bullish behavior and taking on parabolic debt levels is just glossed over. The yield curve is starting to look like the left half resides near a black hole. Its warped.
And massive unclosed gaps up and down are becoming a "feature". (Imagine how the waves would look if we didn't have futures - probably would be a lot smoother!)
Strange times. It all feels very creaky.