SPX (S & P 500, http://bit.ly/i0nsT) is in Wave 5 Up of the Post Crash Bounce Since Late 5-6-10, see http://finance.yahoo.com/q/ta?s=^GSPC&t=5d&l=on&z=l&q=c&p=v&a=fs,w14&c=. Wave 5 Up began late on 5-10-10.
In the Daily View candlestick chart one can see the Wave 1 and Wave 3 cycle high red candles that occurred on 5-7-10 and 5-10-10, and, they have a bearish spike, see http://stockcharts.com/charts/gallery.html?s=spx. Watch upside gaps at 1202.26 and 1212.05. Light SPX (S & P 500, http://bit.ly/i0nsT) volume today, about 4.200+ billion shares, indicates that SPX probably didn't peak today,