SPX is in a descending channel and a falling wedge, both more likely to break to the upside. It also seems short-term bullish for this week, but bearish for next 2 weeks - a possible bear flag is forming that suggests it taking out 2 gaps and eyeing the 200 week SMA. The targets of the descending channel and falling wedge are the fibonacci golden pocket or the 0.786 level. Of course, if it breaks above the 2 long descending patterns, invalidating the flag, and forms a base with higher lower patterns, that would change things, but this does not seem likely for the moment.