I think the NYSE McClellan Oscillator is telling the real story here as it is diverging strongly against the trend of the SP500. Of course it could just break out on a surge in the rally, but with the MACD of the NYMO on a sell and below the zero line, it sure looks like it is going to break down. If it does and IF this is an expanded flat correction since the April high, then the selloff should be even more intense than in May, but without the "FLASH".
I am still looking for an eventual retest of the July low. If it doesn't happen, I will be watching for a true 5 wave advance from the July low or a triangle that extends out into next year. I am now looking for shorting opportunities.