The SPX is still trading in the bear flag:
Yesterday the SPX rallied to the 62 % retracement of the (potential) wave (i) of [v] down which is a common retracement level for a second wave. So if the market turns again between 1200 and 1210 we should see a wave (iii) down to new lows (confirmation if we break below 1140).
Should the resistance at 1210 break though the other count I posted about one week ago ( http://www.wavaholic.com/2011/08/nasdaq-intraday-update-1-30-august-2011.html / (wave A/1 bottomed at 1120 and we're now in wave B/2 up to 1260ish)) might be underway. Next resistance levels are 1230 and 1260ish.