The black lines illustrate the range the S&P
was in; price has now fallen emphatically out of that range, and is also below the 50 SMA
--- both of which I think will pave the way for bears to pile in. A downside target of support at 1770
or at 1734, or at the 200 EMA
between those levels, seems viable. A stop at 1850 gives sufficient protection against false spikes while also cutting losses if the thesis is proven incorrect.