The SPX price is currently ranging in it's new all time high. If price wants to keep going up it needs to break the current all time high, then there will form a new potential back test on the highest Support/Resistance zone.

If the price dips below this zone there will form a potential short and price probably trends down to the lowest support zone. This zone will also be the cleanest higher low if this support zone holds and this will probably result in another try to break the current all time high.

If this Support zone also fails to hold up the price, the chance of a longer down trend is likely. From there it is waiting before the price makes a reversal to the upside before entering longs.