The S&P 500 can be marked as an A-B-C advance or a 1 to 3 impulse wave based on how you look at the big picture. If we are making higher highs than I would say that the recent high is only wave 1 of 3 and we are pulling back in wave 2 of 3 that should find support near the lower Bollinger band at 2983. We should then anticipate a higher high in wave 3 of 3. I would give less weightage to the bearish outlook that involved breaking the to 965 support into a larger decline. In the next few days it should become clear which of these 2 is playing out and will set the stage for the coming months and weeks ahead.