Hourly index charts are offering a turn/floor. Clearly, one up candle does not make a trend, and the bulls should be seeking at least sp'>1625 by the close. VIX is also offering a turn, and if the bull maniacs can manage a ramp into the close, a red VIX would again be kinda interesting.
So, those dip buying bulls (inc' yours truly) have been a bit rattled today, but we're still holding above the key level of 1600.
More than anything...
Today's action is arguably VERY important in the bigger picture. It looks now pretty difficult for the market to break another new high in this current multi-month up cycle - from the Nov' lows.
So..look for a lower high on the next 5-10 day up cycle - into June opex, sometime around then.
*first key downside would be the rising lower bol' on the weekly charts, currently in the 1470s, but 1550s by late July.