I'm just as astonished as the next guy, but the techincals are very bullish. SPX is perched comfortably above the .618 from its ATH - a level many expected to reject the price - barely even nudged it. We have a confirmed Head and Shoulders reversal with the neckline break here. A break back under the neckline, and particularly the right shoulder, would look like invalidation.
Note
failed to hold this monthly level break on the last day of the month so bears are showing up just in time. Nasdaq still seems to be re-testing neckline so too early to call it either way I think 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.