The daily chart of SPX is still quite convincing, in my opinion, of favoring a continued upward trend.
Positives:
1. Moving Averages are still on favorable trajectories.
2. MACD still favorable for continued strength.
3. Consistent trending within a tight channel.
Negatives:
1. Over-extended from the years-long trendline of highs.
2. MACD seems like it may want to turn downward.
2. RSI deep in oversold territory.
Watching for:
1. RSI to reverse and move back towards the baseline.
2. MACD to remain strong.
3. Moving Averages to remain on trajectories, with minimal convergence.
If price action breaks below channel, I would watch for a test of the long-term trendline.
Possibly in the 3800-3900 range.