Today, the market tried to bounce off the support during the second half of the trading day, but failed. In so doing, it breached support and closed below the uptrend from the January lows. Despite closing off the lows of the day, the price action is now firmly in "no-man's land." There's moderate resistance at 1915 in SPX (~1909 in /ES), which gives us a nice stop level and no firm support until 1880 down through 1873 in SPX (1874-1867 in /ES). I'm initially targeting the 1880 level in SPX solely on technicals. It's not the most robust thesis, but the truth is "the chart looks like it wants to find support at 1880 in SPX ." Trader intuition is part of the game, after all!
If the technicals play out to the downside, I believe sentiment can provide the follow-through down to August 2015's closing low support at 1870ish in SPX (1864ish in /ES).