The hourly cycles on the indexes are obviously way over stretched - along with the VIX hourly being very low. Yet even a close in the low sp'1340s should NOT be seen as anything other than an intra-day pullback.
Bulls are back in control, only a daily close next week in the 1320s would get me back into a bearish mindset.
sp'60min
vix'60min
Summary
Probably a quiet afternoon ahead. There are some out there suggesting a big afternoon reversal, but..as noted, even a 15pt fall in the sp' to 1340 would still mean the bulls have a strong close for the day.
Stay tuned.