The lack of follow thru today, has put the SPX in a vulnerable position. We could push towards another marginal high, before the correction sets in, although not gauranteed. SPX 1286 is the ket pivot now. If 1286 gets taken out, it would start turning the hourly trend down and 1282 will be the next support. If we break below 1281, it would almost gaurantee a larger degree correction and push the daily trend back down again. From a momentum perspective, that would also generate a triple divergence sell signal on my MACD, which could be nasty.
Bottomline, the hourly and daily trend are still up, but vulnerable to a bear raid. Unless we see a strong upside day tommorow, the odds that a correction will set in here, is very high.
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