The market is about done working off its extreme oversold condition from the first week of March. If this chart isn't enough to convince, the giddiness on CNBC today should say it all.
The marked gapped up today and then struggled all day to gain any additional traction. The horizontal blue bar below represents strong resistance, hit early then and repelled prices repeatedly all day. The Wave Count below is five waves up into resistance and suggests at a minimum an ABC counter-trend reaction. The the big drop begins, this is how it will look.
The next big trade will be to the downside. The more the S&P rallies, the harder, faster and further it will fall. Once news-driven short-covering is over, whether it be a day, a week or another month (unlikely), the bull-trap will spring.