SPX's (S & P 500, http://bit.ly/i0nsT) huge spike move (itself a reliable sign of important peaking action) the past few days might be a final Short Term Wave 5 Upcycle, see the Daily View candlestick chart at http://bit.ly/i0nsT. SPX put in a bullish triple bottom on 8-25/8-27/8-31, with the Monthly Cycle Low occurring on 8-27-10 at 1039.70 vs the 1039.83 cycle low on 8-25-10 and 1040.88 on 8-31-10.
I suspect that, because this SPX (S & P 500, http://bit.ly/i0nsT) Upcycle since 8-27-10 is probably countertrend (SPX peaked at 1219.80 on 4-26-10, completing an Elliott Wave 12345 up down up down up pattern since 3-6-09), and, the six month 10 Year Treasury yield vs SPX Lead Indicator is extremely bearish, see http://yhoo.it/bYZcbZ, that the Elliott Wave count should begin on 8-25-10 (first cycle low of the short term triple bottom), meaning that I suspect that this counter trend SPX bounce probably has a bearish failed Elliott Wave 12345 up down up down up pattern (not uncommon in an important Intermediate Term Downcycle), and, that the current huge spike move that occurred the past few days is probably an important final Wave 5 type of move/peaking action.
More clues come from looking at the Short SPX ETF SH, see http://stockcharts.com/charts/gallery.html?s=sh. SH's volume spiked dramatically on Friday versus the prior session, and, it appears to be in a final gap filling Wave C/Wave 5 Downcycle. So, it looks like SPX might put in an important cycle high on Tuesday or Wednesday next week. Good luck.
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