So, we're lurking into the low sp'1350s, but that is still twilight zone territory for the bears. With the VIX only marginally higher, today's decline is to be largely dismissed.
Only a move back into the low 1320s would even remotely begin to suggest the current broad up trend is over.
*note the fail at the 10MA, and a black candle...that is lousy for the near term outlook for the bears.
A few chess pieces are moving around today, but anyone shorting here....urghh. Its neither a good level or a particularly good time.