I'll begin by illustrating my bearish stance from the start of the day, with an Elliott Wave count that I have held to for some time. This chart was tweeted yesterday.
Shortly after New York trade closed for Thursday the S&P 500 cash futures poked above the June high. With that wiggle higher, I don't think it is sensible any longer to count the rally from February as a wave B. I think the following count now best fits. It calls for a strong rally next in wave 3 to new all time highs.
Keep in mind that as tweeted earlier today, I started the day short #SPX and got stopped out just above the earlier June high, so I have missed today's decline, and this sudden bullishness could be my Fear Of Missing Out talking (FOMO is my biggest weakness). Truly I always do my best to call the chart patterns as I see them, but anybody who has traded will know that emotions can screw things up. And, even if analysis is spot on at a point in time, the market will do whatever it wants. It constantly presents new information and therefore constantly demands fresh analysis.