A picture is usually the quickest way to communicate. Here are the revised SPX levels.
As you can see from the Daily chart below, we still have a bull trend (within the overall bear market) until we take out the previous lows, which makes for a large range of trading risk between the 1020 down to 880 for 140 point of range risk.
The price levels as marked by the red lines will serve as boarders for different price range as we either trade lower or make for a test higher.
I have market the MAJOR STOP IN for bulls and bears where bull regain the bull trend above 1020 or begin the new bear trend below 880.
A wise trader might already be out of his longs and be using sell stops and buy stops to let the market pull him or her in to trades. Because of the range, one must use caution and trade less size within consolidation days, and may choose to use more on daily bar break outs, and should consider all trading risky until a break out of the range is establishes to onside or another.

MACD is NEGATIVE sloping but still in POSITIVE value above zero.
Stochastics are OVERBOUGHT and signaling to fall back.
Bollinger Bands suggest that if hold this level, downside targets are more probable.
We are still above the 50 Daily MA with a current value of 954, but below the 20 and 18 MA’s.

2009 08 18 spx daily