SPX Update: We're Going to Need Your Keys

Last update noted that SPX had come within 3 points of its downside target zone, and bulls have staged a solid bounce from that low.  The rally ran straight up to the blue trend line I drew last update:

Nothing to add to this second chart:

This new chart is worth including, though, for those who aren't already intimately familiar with the technical minutiae of Elliott Wave:

Beyond that, there is a not-insignificant chance the current rally is wave 5 of the wave coming up from 7313.  That doesn't guarantee it ends immediately or anything... but it does mean that bulls will want to keep their wits about them (just in case it does) and not be off drinking celebratory bull juice in need of a designated driver.  Of course, this is not to imply that, even if this is wave 5, it would necessarily end the entire bull market -- but it could lead to a sharper correction (and we can never rule out that such a moment won't, in fact, end the bull market -- so there's that).  Trade safe.