Update

Below is a 5 minute SPX chart. Note the small triangle that has formed. This triangle looks like it was entered from the top, BUT, when you consider what happened overnight it was entered from the bottom. So, this one could break either way. it's good for about 25 SPX points either way. The DOW looks stronger, as does the NDX & RUT.



I'm still being careful here, but think that it's bullish if we break up and get back inside that bottom bear wedge boundary (light blue).