All due caveats about the men who stare at these things…
SPX sports something of a Diamond formation, which is little more than a consolidation pattern with no firm implication of bullish or bearish (according to the TA handbook*). It’s merely a decision point. If the recent bounce was ‘A’ of a small A-B-C bear rally, the green arrow will hold true (potentially to the downtrending SMA 50) as ‘B’ completes. If not well, you know.
* Kidding. If there is a TA handbook I have not read it, nor would I want to.
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Just read an update from John Murphy (StockCharts) and he pointed out the major indices have an “island reversal” pattern which indicate near term weakness. He says the odds are that the recent lows will be broken. We’ll see. :-)