I think stocks are about to immediately move sharply higher. Why? Every phase of development is higher; the trend is UP in all time frames. The Dow and S&P have been flirting with all-time highs for a month, and recent volatility may have sufficiently shaken weak shorts and longs out of the market which is what happens at almost every single significant prior high or low in the stock indices. The market Armageddon crowd is in a full-throat roar. Breadth is coiled and this almost always leads to a sharp move (chart below).
If the sharp move is going to be up the S&P should not trade below 1512-1509. A close below 1499 is a sell signal.