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.
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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