S&P 500 (SPX) in Minor Relief Rally?

Here is my updated hourly chart of the cash SPX, which shows 1) the initial downleg from 1326.70 to 1245.34; 2) a recovery rally to last Fri.'s high at 1290.68; and 3) the resumption of weakness that so far has pressed to 1254.46 yest. Are we to believe that yest.'s low represented a successful retest of the 5/24 low-- and that a new powerful upleg is starting? Or, should we believe that the dominant near term trend (since May 8th) is still alive and well, and that current strength is a minor relief rally prior to another bout of selling pressure that revisits the 5/24 low? Right now, my work argues in favor of the latter scenario.

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