Similar to my analysis on PEPPERSTONE:NAS100, I also anticipate a decline in the case of CBOE:SPX. The index attempted twice to remain above 5000 but failed, and it appears to be forming a double top in that area.
From a technical standpoint, the trend remains strongly bullish. However, a drop below 4930-4950 would interrupt this aggressive uptrend and expose the 4800 support zone.