$S&P 500(.SPX)$ likely formed a corrective decline from the recent high thus favoring further rally. If so, we should remain above 5452 to target 5505-5540.
If a higher high is produced, there would then be strong risk that a higher degree pullback is looming that would expected to begin [W4] or a bullish 2nd wave.
Overall, bulls have the edge while above 5415, but the loss of that is the first indication a higher degree correction is beginning.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2409(ESmain)$ $E-mini Nasdaq 100 - main 2409(NQmain)$
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