You've gotta love the unpredictability of the market and large swings it's putting in. Yesterday's topping tail gave us all a clue of what the bias should have been today and the price action confirmed it.
On the bearish side, today's action created a bearish engulfing pattern that engulfed the last 2 days of trading. That's pretty bearish.
On the bull side, the move up needed a healthy pullback and it got one today. If it can hold above the support of 1245 then this area could be the launching pad for another short term rally within the upward trend channel we've drawn.
Note that the price action remains UNDER the 30MA which is still confirming the downtrend.
SPX Daily Chart:
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