The SPX is forming the last waves of wave [i] after which a bigger bounce should occur. It's even possible that wave [i] finished at 1041 this morning. I tend to count it only as wave i of (v) since (i) and (iii) had about the same length and one wave is usually extended (in this case wave (v) should be extended).
1037 - 1037.25 - 1037.5...
The ES may be forming a H&S with a target of around 1000.
