From 2009 lows of 667 -it has rallied in a parabolic fashion to current highs of 2277 which can be counted as near to 5-waves in blue color on Monthly chart.
Since 1810 lows in Feb2016- all waves overlap, giving an impression of structure - an .
passing through 1- 3 wave has holded as if now & can act as resistance for short term.
Short Term Trading Strategy
Keeping resistance intact from passing through 1-3 wave - we can expect some correction going into zone 2187-2200 in coming days.
Long Term Trading Strategy
Once passing through 2-4 wave in gets breached downside & possibly it starts moving below 2080 -that will be indicate that SP500 has put the top- in that case setback can be seen going into 2017.
Prices had a sharp fall till 2248 on a Fed Day - post that session-it is moving sideways so kindly avoid taking sell positions till Fed Day@2248 is broken & it sustains down or wait for a new high to take sell positions- Which I shall update here.