I still think this is a bear market rally which has just completed or is close to doing so.
currently short on sp 500 from 1030 , with stop moved to 1027.
here is a volume analysis which confirms my thinking that this is a bear market rally.
every leg down of this bear market has been on increasing volume and every rally has been on diminishing volume and the latest rally is no different.
http://iforce.co.nz/i/cpiqqgl0.png