Update

Ok as I wrote after the low - expect at least two weeks higher and the sentiment should turn bullish again. and that is what we saw...
The alternate scenario played out with higher high.... that is why I told you to go long around the low.

Now I think we should not expect huge rally this is final wave 5 before a bigger correction. Short term I think we are in wave 3 of this final wave and one push above 2000 is left.
Cycles - at week 10 of 20 week cycle(average 14 weeks) and week 29 of the 40 week cycle(average 33 weeks) so it is time for the 4-6 weeks down part of the bigger cycles.

It is time to be cautious, chasing 5 of 5 of 5 could be dangerous. At the moment move bellow 1965 and this wave higher is over.

Update

I will be offline till 8th September... I will post sometimes if I find time and Internet:)

Current thoughts:
- short term the SP500 is testing MA50 from bellow with MACD divergence on the hourly chart. It does not look good... tighten the stops if you are long.

- intermediate term - open a daily chart and look at the previous bottoms and you will see always 2-3 strong green bars in a row from the bottom. This bounce is weaker, the dip buyers are missing....
So far the market is following rather the preferred scenario for a corrective move than for a new ATH.
If the market will move higher it should prove it. It is time to see a second strong bar above MA50. We had already 2-3 days sideway action.
Till then the plan is the same - this is a corrective move no new ATH. Ideally we should see a sharp drop today/tomorrow with higher low and another move higher next week before the sell off resumes.

Visually how the moves bullish and bearish should look like.