The S&P futures has taken the look of a broadening formation. In this rally, it appears to have initiated its move off the low with a 3-wave structure (the green A). There is a fib relationship at the high where it is at now. It has also now taken out the prior high, but it will remain to be seen whether that was simply to clear any stops.
Regardless of whether this is a new bullish cycle, or a countertrend rally before a new low is made later, this should get a retracement of some kind (partial if bullish, total if bearish). My intentions on the open are to close my call hedges, leave the rest, and see what structure develops on the cash session and what kind of wave balance it available on cash.