At Friday's close, the S&P 500 was within kissing distance of it's ATH. The bounce from the 10% "correction" was so steep and sudden that I'm not sure if we can actually classify it as a correction. The Stoch RSI looks ready to plunge, the MACD looks like it's getting ready to follow suite, but not quite there yet. The RSI is confusing as it looks like it might be breaking out from its bearish trend. Trading at the top of its Bollinger band as well, which doesn't tend to happen for long.
Looking at much more advanced chartists here consulting things like historical trend lines and %>200MA of the S&P 500's constituent companies reinforces my view that there is more blood to come. It looks like we've had some aneurysms and I'm pretty sure the artery is about to burst. My only uncertainty is on account of how sudden and convincing this bounce back has been. Let's see how next week plays out.
Update (1645 GMT 05.11.14)
Potential short-term (last three days) double-top forming, which could confirm the medium-term (last three months) double-top.
Update (1200 GMT 04.11.14)
Momentum has curled over, Stoch. RSI and MACD histogram both continued horizontally and RSI looks like it might peak, producing a slight bear divergence.
Indicator-wise, things are looking fairly similar to the days running up to the last plunge and the close formed an almost perfect doji, just slightly below the open. Looking at the 5min chart during the day, we had a little drop after the open, entered a steady uptrend, capped off with a rocket up to 2024.46, followed by a pair of heavy tumbles and a small recovery leaving us just below the open.
I'm not keeping that close an eye on the news but I'm pretty sure there haven't been any huge changes since the last tumble that would stop a larger one from happening.
Potential short-term (last three days) double-top forming, which could confirm the medium-term (last three months) double-top.