Today the SP500 made another low on the 30 minute chart. This increases the chances that the decline from the 4/8 high is a double zigzag instead of an impulse. This means that today's low could be the end of wave [ii]. We will only know once the current rally completes as either an impulse or an upward correction. If it is an impulse, then we should see a strong rally in May.
It doesn't help that Google is down after hours, but we are only at the beginning of earnings season. The current advisor sentiment isn't helping the bullish case either, but other measures of sentiment have become more bearish over the last two weeks. Given the strong conviction that the February high was the top wave primary wave 2 by many, if the SP500 approaches that level there should be some strong short covering.