While SPX is confusing and seems bullish, Nasdaq is the one that suggests the true direction of the trend. Watch for MACD zero bounce this week - the oscillator is ripe for reversal. One thing I noticed about indices is since most of upward trading is algo-driven the corrective ramps that we see so often in SPX or Nasdaq are totally insensitive to fib levels, but they are very sensitive to oscillators, specifically to MACD. And MACD is approaching zero very fast.
Also note that we are currently within the 0.618 - 0.786 time band of the correction, relative to the impulse. So by that measure the correction is about to finish this week as well.
If the reversal happens this week, then I think the doors to hell will get wide open.