Looks like a bearish diamond formation is revealing an apex around the 4150 level on the SPX, as shown on the following daily chart.
A break and sustained hold below could send the SPX tumbling to 4000, or lower to its next support level at 3700.
Any convincing sustained move higher, will be dependent upon the SPX:VIX ratio meeting the following conditions (daily ratio chart below):
- the ratio price retakes and holds above the 50 MA
- the RSI retakes and holds above the 50.00 level
- the MACD and PMO form and hold new bullish crossovers