Last night I decided to explore the pattern the SPX has carved out over the last several days. What I noted was that after making a new high it then pulled back for 4 days in a row. That 4 day drop has now been followed by a 3-day rally. At this point the SPX has not managed to overcome the recent highs. So I plugged those observations into a study and found some very compelling results.

While the number of instances was smaller than I would prefer the statistics appear to heavily favor the bull side.