[Update 5PM: The market has entered a small multi-day rectangle pattern. This fits a (b) wave but by no means is a breakout to the upside guaranteed. Even if it breaks upwards, the measured target of the breakout takes prices exactly to the previous resistance high of 1292 SPX. A squeaker price just higher than 1292 is all that is required to fulfill the second zigzag.
If bears win, it'll keep intact the series of lower highs in this order: 1371 - 1356 - 1292 - and now 1267. Lower highs define a downtrend.
The sideways price action over the last many days has fit the profile of a sideways (b) wave of a final (a)(b)(c) zigzag [y] of Minor 2. A nominal price high above 1292 SPX is required under the Minor 2 double zigzag scenario.
SPX hourly shows the overall Minor 2 double zigzag proposal. Prices have been fighting the down trendline. If prices can pop over and capture this line, I suppose they'll run up toward 1292 at least.
One can easily imagine if prices can clear this tight confluence, prices should quickly run toward the 1292-1296 resistance.