Wow.

The VIX:SPX moved back into the falling wedge. I really expected the upper trend line to be support but we closed well below it. The MACD has not crossed over so there is a chance it might recover tomorrow. If not it will probably make another journey to the lower trend line.
Which is what we also see here. SPY was able to jump back in to the channel it had fallen out of and even retested prior to the holiday. Today's massive move up was able to break through that resistance and finish inside the rising channel (black). Also note that while it was a huge move up, it still stayed within the larger green channel that makes up the 5 waves for what I favor to be the current e wave count.

So whats it going to be? Break the green channel for good or continue down? While the stochs on the hourlies are overbought, they are not so on the dailies.