Still much debate as to what direction the SPX will move next. One indicator I like to look at, across all time periods, is the slow stochastics indicator. This is meant to give some indication of the buying/selling pressure of an instrument based on where it closes in relationship to its price range over a given period. A rising indicator can indicate buying pressure.
In addition to this indicator, price seems to have tested support levels at the 4 week moving average as well as testing a trend line of recent tops. Another bullish indicator is recent higher highs and lows. While volatility has been diminishing and price may continue to drift, there appear to be positive signs that would limit any down draft.