bounce up hits 50 EMA daily ceiling

Daily: Price ($SPY) hit and retracted from the 50 EMA that served as a ceiling (red arrow)

1-Hour and 2-Hour: MACD reversal on both time frames

Next: 2 scenarios

(1) this is either a "b" that will retrace ~50% of the decline from the top 

(2) this is a "i" of a new uptrend

Either way, we should see a move down on $SPX before price either sets up for an "i-ii-iii" or moves lower in a 5-wave structure