Several scenarios exist. My favorite is that was an A of and ABC corrective of a the final 5.3.5 move of 2 of 1 of P3, that could have completed 2 and we're now in 3 of 1 of 1 or we're in a secular bull market, have fully recovered and you should be balls deep in equities with 100% margin. You should know that the last part was a joke from ne, but the BS you hear from CNBS you may not have known.
Tough call here as the minis tangle with the support line that runs back to August and the lower channel support as well. If that support goes I'd watch for form first. If you see a big 3 impulse, then 2 of 1 is toast and the bears have the ball. If it pussy foots around and lacks volatility then more upside may be coming the bulls are still on offense.
Everything I see says the markets should continue their move down. The 30 and 60m indicators have not bottomed nor have set any sort of divergence that usually signal a turn coming. This move south may just be getting started. If what Benny says today causes a reversal, it should be sort lived and will force the daily indicators to remain overbought. Again, let's see the form and be patient. Let Benny get his BS speech out of the way and then see how the market reacts.
Economic Calendar - Busy with "Make It Rain" Ben at 10:00 along with New Home Sales then at 10:30 the Petrol report. Jobs tomorrow could effect markets later.
Earnings Calendar - DLTR and RIG may interest you.
No futures this am, sorry.
SPX Daily chart -Does not look good.